I'm in the same boat as you. What I know is with the red dot you'll acquire the target quicker than with a conventional scope. The down-side of the red dot is there is no magnification so don't expect to make long shots (over 50 yards) with it.
I prefer the standard iron sights to a red dot as they cover up about the same amount of the target as the dot at a given range and finding a holster to use is very simple. A scope is nice but any and all movement is also magnified which can be rather disconcerting when aiming. The same amount of wobble occurs with iron sights but is not as noticeable. I have a 2x scope on a Buckmark target gun which is used on ground squirrels as it is quite accurate and they will sit still long enough to get off a shot and a Bushnell red dot on a S&W 22A for fun but for targets that can move I reach for an iron sighted gun the most often as I can get a shot off quicker with it.