Probably the main argument for a holobody was that he'd take up very little room when stowed (that is, most of the time), and that he would not experience physical wear and tear but could be kept trim with abstract software-based maintenance.
Another upside, although not exploited, would be his ability to flexibly surpass the limits of a physical body - say, grow multiple hands or even multiple copies of his body, or push through skin, etc. A downside would be that he'd go down if the computer crashed. But then again, any catastrophe severe enough to damage the main computer would probably already spell doom for everybody, including any physical medical personnel (be they flesh or steel). And I gather the EMH was geared more towards dealing with "patient overflow and CMO exhaustion" type emergencies than "ship is falling apart and Borg are coming" type ones anyway.
Anyway, energy efficacy is probably at the very bottom of Starfleet list of things to mind. The starships always have a staggering amount of surplus power, as their power generation is scaled for warp travel or even warp combat. If the choice is between saving Belgium's 2008 consumption's worth of energy and saving a cubic centimeter of onboard volume, the cubic centimeter wins out every time...
Timo Saloniemi