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I did these calculations a while back - I think the results are in my operation, but I'll have to check. What I found is that generally 4 mans are more profitable assuming the same win rate.
It also depends on where you play. A few months ago, Stars had a much better rake structure for the HU than Full Tw*t. I haven't played in a while.
By the way, the 8-mans are even better if you have at least ~55% win rate and you like that structure.
That said, there's nothing like getting some good reads and then replaying the same fish 5 or 6 times in a 2-man HU, with him flaming in the chat box about what I donk you are. ++++++EV.
As with most pokerz, it's a combination of win rate, what structure suits your best style, and rake.
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