Conceal ability has its advantages and if you can attain it some degree your will be far better off than the guy wondering about all tacticool. In this regard a belt kit (especially one configured around a standard belt instead of a full blown war belt) would probably be more robust and less environment dependent. A couple of AR and handgun mags plus a CCW are going to be easier to hide during a TX summer than say a chest rig.

In the ends its going to be a trade off governed by your situation and needs. If you're bugging in most likely a good belt set up will work well. If you're bugging out, especially on foot a chest rig might be the answer. For the life of me I can't make a belt work with a pack. No matter how I try the waist strap of the pack always blocks access to something.