Neither full text or xml has me terribly excited. If it were my project, I'd be reexamining the assumptions and trying to find a method of defining the requirements more fully so I could achieve a more normalized design. But, shy that, in 2005, I'd go with the XML.
"The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood"
- Theodore Roosevelt
Author of:
SQL Server Execution Plans
SQL Server Query Performance Tuning