Personally I prefer the the DEMU approach.
An electric transmission effectively works as a wide range continuously variable transmission permitting the engine to deliver its rated power to the rails over a wide speed range from maybe as low as 10MPH to max speed. In addition when only part power is required the diesel engine can be run under conditions of maximum efficiency rather than the speed demanded by the gears. The simple transmission used on the class 150's was very inefficient at low speeds and at higher speeds meant that the engine had to rotate at a fixed speed irrespective of the tractive effort demand and maximum engine power could only be delivered at one speed. A multi speed gearbox improves the situation although how reliable long term they prove to be remains to be seen.
In the past an electric transmission probably cost considerably more than an equivalent mechanical transmission mainly due to the cost of making DC commutator motors and generators although now with alternators and 3 phase dives the difference would be less.
From the maintenance point of view an electric transmission system wins hands down. With only simple fixed spur gears required from the traction motor to axle and an alternator bolted to the engine crankshaft they is very little to maintain or go wrong. In contrast a mechanical system requires a complex gearbox with many clutches and gears, several rotating shafts with universal joints etc and transfer gear boxes to the axle.
As for future proofing an DEMU is much better. They could be easily converted to a EMU or BI mode by the addition of a transformer or battery or hybrid operation.
All true, but I would suggest that in the case of railcars rather than locomotives the advantages are more theoretical than actual. In the following I am not trying to score points, but trying to point out that engineering design is a question of balancing priorities.
Modern ac drives are very effective in utilising to the maximum the adhesion available between wheel and rail, which is very important for locomotives pulling heavy loads. This is not a situation faced by most multiple units on urban or inter-urban services although it may be more of an issue for very high powered units used on high speed (around 125mph and more) services. For diesel engines up to 750/800bhp used in railcars ultimate adhesion is not such an issue.
Automatic gearboxes and the associated transmissions of the sizes used in medium powered railcars are used in their tens of thousands world-wide in heavy lorries, buses and off-road equipment. They benefit from long development experience and the advantages of mass production; they are efficient, they have to be. As a result of these large volumes they are also very competitive both in first cost and on-going maintenance costs - they are as close to 'fit-and-forget' as is reasonably possible.
One of the factors affecting track access charges is the unsprung mass of the wheelset and drive components. Even though an ac motor is shorter and lighter than a dc machine of the same power if the motor drives the axle through a simple spur gear then a proportion of the motor's mass is carried directly by the axle, so contributing to the unsprung mass. The unsprung mass may be minimised by mounting the motor on either the bogie, which complicates the final drive, or on the body in which case the drive layout is the same as a mechanical system.
The fuel consumption benefits of a multi-gear mechanical transmission compared to an electric transmission depend on the duty cycle, but in any event are not large as traction diesel engines have quite a flat torque-speed curve so the specific fuel consumption will increase only slightly if the engine is running off its 'sweet spot'. There is a considerable difference in fuel consumption between a simple two-speed hydrokinetic transmission such as the Voith 211 when used in stop-start traffic and a modern multi-ratio mechanical drive or a modern electric drive. This has been recognised and Voith now offer the 4 speed DIWA drive - based on that used in buses - for railcars. It can cope with input power up to some 430bhp.
As to 'future proofing' a diesel (hydro)mechanical transmission: there is no fundamental reason why an electric motor cannot later either be added to a (hydro)mechanical transmission, giving a bi-mode, or replace the diesel engine entirely. The trick is to make the space under the coach floor flexible and to a large extent this has already happened with the latest designs of diesel trains, all the major components now being mounted on rafts which can be easily removed for maintenance or component repair. This is a step change from designs of only a couple of decades ago whereby the major bits of gubbins were fixed individually to the body.
There may well be advantages in using DEMUs in future, but I maintain that they are not so significant as you suggest.