if we base this on a standard case, and if we also say the fan will be on the top then i would have to say 200mm fan, solely if we also base this on that were comparing ones of equal standard, I say this because if you take into account the space which air would not be flowing through i.e. center of the fan and any framework overall i would say a 200mm fan would have less blockage that what 2 120mm fans would have. (no research with this just a thought)
to be honest though this all depends on variables, placing of the fans etc etc I dont think this can be decided with a simple A or B answer......
if its going on the top then id go for a 200mm fan, if its front or sides id say 2 120mm fans, this is my personal opinion. obviously before making any purchase bare in mind the different on temps on high quality 200mm fans and 120mm fans is almost going to be un noticable talking 1-2 degrees at most just because there high quality....
the major factor between these 2 is not performace but sound, a slow 200mm fan will be quieter than 2 120mm fans, might sway peoples decision on if they care about noise.