IMHO, rails on personally owned weapons should at least have some type of protection. That being said, consider these points:
Rail protectors are very light weight, are low profile and, because they cover less of the rail, heat can more easily radiate off the rail. They won't really protect your hands against heat if you grab the foreend (unless you are wearing gloves) and rails can still get damaged because they are partially exposed.
Rail panels increase the overall diameter of the foreend (KAC panels less so than Tango Down panels) but they protect the rail from all but the most severe damage. However, they do add a bit more weight than rail protectors and they will cause the foreend to retain heat more than the rail protectors.
Myself, I put rail panels on the bottom and sides and a rail protector on the top rail.
KAC panels are thinner than Tango Down panels but they also cost almost 30%-50% more than Tango Down panels. KAC panels will only lock in to the first or last slot. Tango Down panels will lock down on any slot. KAC panels use metal clips to lock in place and, if these clips are loose, they will rattle. Tango Down panels can also rattle but metal rattling (KAC panel) is louder than plastic rattling (Tango Down).