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Spatial linear transforms that process multiple parallel analog signals to simplify downstream signal processing find widespread use in multi-antenna communication systems, machine learning inference, data compression, audio and ultrasound applications, among many others. In the past, a wide range of mixed-signal as well as digital spatial transform circuits have been proposed---it is, however, a longstanding question whether analog or digital transforms are superior in terms of throughput, power, and area. In this paper, we focus on Hadamard transforms and perform a systematic comparison of state-of-the-art analog and digital circuits implementing spatial transforms in the same 65\,nm CMOS technology. We analyze the trade-offs between throughput, power, and area, and we identify regimes in which mixed-signal or digital Hadamard transforms are preferable. Our comparison reveals that (i) there is no clear winner and (ii) analog-to-digital conversion is often dominating area and energy efficiency---and not the spatial transform.