Inline vs. Masm

Which is better and why? Which is faster, more efficient, etc.
And do any of you even use inline assembly, or does anyone write hooks/hacks or other low-level mumbo-jumbo with it?

Depends a lot. If the application is large and requires only some fast (or complex) parts I'd stick with inline and use something else for the larger part. On small and medium sized applications I'd use MASM.

The difference is not that great if you know how to code and optimize parts to be efficient without inlining.

Of course this is just my opinion and it might reflect on the fact that I code everything with MASM.