I could probably write a chapter for a book answering this question. To make the answer shorter I can going to assume:
- The hub will be active/wam spare (not active/active or dual DC).
- There are less than 1500 spokes.
- There is no MPLS. There is only AutoVPN over the Internet.
You would probably use One armed VPN concentrator mode if:
- You have an existing firewall.
- You have an HA Internet setup.
- You have a layer 3 network core
- You need BGP or OSPF support exchange routes.
You would probably use NAT mode if:
- You can plug the MX into more than one Internet circuit so the MX can provide Internet HA itself.
- You need to support clients behind the MX accessing the Internet, or you want to be able to apply Meraki group to those users.
Personally, I mostly use NAT mode myself. I mostly do deployments with less than 200 spokes. I nearly always use the DC's primary Internet connection, and get another "out of band" domestic grade Internet circuit in case of catastrophic failure. I call it cheap insurance.
I also avoid using dynamic routing in Meraki deployments (I like to keep them Meraki simple).
I would also like to recommend the Meraki MX sizing guide by Aaron Willette, which you should regard as a Cisco Meraki God.
http://www.willette.works/meraki-mx-sizing/