I would always use sp_executesql these days, all it really is is a wrapper for EXEC which handles parameters & variables.
However do not forget about OPTION RECOMPILE when tuning queries on very large databases, especially where you have data spanned over more than one database and are using a CONSTRAINT to limit index scans.
Unless you use OPTION RECOMPILE, SQL server will attempt to create a "one size fits all" execution plan for your query, and will run a full index scan each time it is run.
This is much less efficient than a seek, and means it is potentially scanning entire indexes which are constrained to ranges which you are not even querying :@