Which one is more efficient over a very large set of files and should be used?
find . -exec cmd {} +
or
find . | xargs cmd
find . | xargs cmd
is more efficient (it runs cmd as few times as possible, unlike exec, which runs cmd once for each match). However, you will run into trouble if filenames contain spaces or funky characters.
The following is suggested to be used:
find . -print0 | xargs -0 cmd
this will work even if filenames contain funky characters (-print0 makes find print NUL-terminated matches, -0 makes xargs expect this format.)