I have only grown one ceph, and it started going downhill when I thought I could place it on drip. It allowed me to get careless about the watering and it ended up with root rot. That being said, I've grown many, many other plants successfully on drip. I can recommend:
-a ring emitter for drip. One of my mistakes was to place a non-ring emitter right on the crown of the plant, and this tended to create a situation where the center of the pot was sopping wet while the edges were almost bone dry--totally should be the other way around IMO.
-I had it watering daily for a couple minutes in the summertime and I believe this was too much. I had lots of other stuff to grow so the root rot just kinda snuck up on me, but just make sure you schedule the irrigation to run just as the plant needs water. Or, for more money set up a system that uses a moisture probe to determine the watering.
IMO a flood system is more expensive because you need the trays to sit everything in as well as a pump. For drip, once you have a timer, solenoid, and some simple plumbing parts you can easily hook up hundreds of plants. Also, the risk of disease contamination is greater in a flood system because you are reusing the water. For a rot-prone plant like a Ceph, this may pose problems in the long term. If you ever get anything either in the trays, water reservoir, or irrigation lines, you're screwed without major, labor-intensive cleanings or replacement. The flow of a drip system is only one way, however, and you always are assured clean water unless you choose to use a reservoir.
At the end of the day, I have used drip for 4 years without any problems (other than leaks) as long as it is carefully customized for each plant. I have seen ebb and flow systems which became contaminated (i.e. turned from white to black) with gunk, algae, and dead bugs in 6 months.