I've thought about this problem a little as well. In my case, I had to represent state:
- STARTED
- IN_PROGRESS
- SUBMITTED
- COMPLETED
Overall the Node + Relationship approach looks more appealing in that only a single relationship reference needs to be maintained each time rather than a property string and you don't need to scan an extra additional index which has to be maintained on the property (memory and performance would intuitively be in favor of this approach).
Another advantage is that it easily supports the ability of a node being linked to multiple "special nodes". If you foresee a situation where this should be possible in your model, this is better than having to use a property array (and searching using "in").
In practice I found that the problem then became, how do you access these special nodes each time. Either you maintain some sort of constants reference where you have the node ID of these special nodes where you can jump right into them in your START statement (this is what we do) or you need to do a search against property of the special node each time (name, perhaps) and then traverse down it's relationships. This doesn't make for the prettiest of cypher queries.