@Arkalexth: As I understand it, the health boost it does not add "hidden" extra health above the red bar (I wish it did, actually, since then you could take health damage without occluded senses and blood vessel animation!). The health boost increases max health as well as giving you additional health points. Unfortunately the occluded senses and blood vessel animation are determined by % health, not absolute value of health. Thus any damage (even above your base health) will cause a damage animation.
Rather, the red bar tracks your fraction (%) of max health. When you Reave, it increases your max health by a fixed amount for about 30 seconds. During this time period any health damage you receive is divided by the modified max health value to calculate your loss of % health. This means that Reave is really more of a damage reduction than a health boost per se. (although it only benefits health, not shields/barrier). Actually, the game tracks health points, not % health. After calculating damage, it divides total health by the max health to get % health.
The level of boost to max health depends on the rank and evolution of the power, not the number of enemies hit, meaning that Heavy Reave will always have a 40% higher boost in max health than Area Reave can (which translates to ~15% increase in damage capacity overall). However, hitting multiple enemies with Area Reave will increase your current health points more. The duration of the boost appears to be fixed at about 30 seconds, regardless of rank or evolution.
In addition to this boost, for the duration of leaching (3 to 5.5 seconds depending on level and evolution), Reave replenishes your % health at some prescribed rate. I'm not exactly sure exactly how that rate scales with evolution or number of enemies, but suspect it is probably a fixed rate since it does not seem to depend on the health of the target you hit, and persists even when the target dies. Thus I suspect Heavy Reave has the advantage here as well (since its duration is 40% longer). RedCaesar tried to do a test of this a while back (see above), but I don't think this test was very conclusive.
@capn233: Sure, Area Reave provides more CC on clusters of debuffed enemies than Heavy Reave. But if Red is going as a quasi-Adept with Area Pull and Shockwave, he's probably going to mostly be CC'ing debuffed enemies with those powers rather than Reave, since they have shorter cooldowns (and are more fun to watch!). As I understood his original post, he wants to CQ with IA + Claymore with only limited use of Charge. If a principle goal of Reave is to gain protection in order to move in the open while rushing protected enemies with the Claymore, I'd advise going Heavy.
Of course you could play the entire game with Reave as your only power (group strip, CC, and protection all in one - it's like the jacknife of all powers). In that case, yes, I totally agree: Area Reave is definitely better for that. But be sure to warm up the coffee first.