100% projectorSecond option does not appear to be projector.
As long as the aftermarket headlights don't have lenses that yellow or peel. I know people have a lot of issues with that on the Gen I-IV projectors on the Cobalts. Some people would swap over their factory lenses to prevent that.Well you already know my opinion, I installed HIDs into the Winjets and am very happy with the results.
One piece of advice, if you decide to do a projector retrofit, buy aftermarket OEM headlights. Everything I have read says the factory sealed headlights are next to impossible to bake open. Going through all that work to retrofit your headlights, you won't want to have dinged up lenses. Also, you will have a quality back up if your project goes south.