I feel water volume is less important than surface area in most cases. Fish likely prefer more space for swimming and territories than they do the amount of water their container is holding. I know people are usually advocating the notion that the larger the tank, the easier it is to keep the parameters in check. But personally I haven't noticed any distinct advantage at all with larger volume tanks than with even small ones like 5.5g and 10g. In fact my 20g long is the most stable and self-sustaining tank I have. Second to that is my 40g breeder and last comes my 55g. Only in my 55g have I battled blue green algae, mysteriously dying fish and the simple headache of having so little room to fit light fixtures.
The 40g is far more stable, easy to maintenance, cheaper to light, heat and filter and lastly my mbuna are more than happy in there. I considered switching them to the 55g but the square inches of the 40g are greater and that sealed the deal for good.
If you were keeping really long think fish like eels, bichirs, etc then I would say 55g. Otherwise, the 40g will be a lot more practical and far less expensive.
And if you're going to be planting, the 40g's shorter height is an advantage as the light won't dissipate as much. In addition to that, its 18" depth allows for the placement of several light fixtures - excellent for high light plants or even if you consider a reef tank in its future.