I see a lot of type SE and USE with age-detertiorated sheathing. Granted, it can take 20 to 30 years to happen, and materials used have changed since mine was installed, but it's a consideration.
IMHO, exposed cable doesn't look as good as conduit, though I've also seen some sloppy-looking (i.e. off-square) conduit jobs.
YMMV

If the conduit is to be run underground, service entrance cable is not allowed. You would need to use conductors rated for wet locations, such as thwn.

OK. Thanks for responses.

"If the conduit is to be run underground, service entrance cable is not allowed."

This makes little sense.

If conduit is run there should be no reason to use cable,

USE is Underground Service Entrance cable, so burying it is acceptable.

SE cable is not rated for underground.