On a long flight, the overhead issue is not a big deal since it's only on take-off and landing that everything needs to be stowed. For a short trip, it's a pain but on long haul, you just bring things down after take-off and keep them at your feet.

The big advantage of the bulkheads were that my children couldn't kick the seats of the people in front of us, since there were none and also I found that I could get in and out of those seats more easily. I wasn't flying with a lap baby (mine always had seats, when allowed) and I was alone so getting up was important. The armrests were never a problem. In fact, I preferred them because that kept the older two "contained" in their own seats.

If you're sure your children wont disturb those in front of you, than stay where you are. Mine are very active so the bulkhead was appreciated.