Which PowerShell technique should I use to talk to SQL Server?
Obviously, a lot of this devolves to simple personal choice. Here are my own, personal, rationalizations. 

I've been using Powershell with SQL SQL since PSH v 1.0, and before SQL Server started officially integrating it. (When I started with PSH, I was administering SQL Server 2000 and 2005 servers.) So, I learned with SMO (or it's slightly older incarnation, the name of which escapes me at the moment) and .Net and I'm used to them. I'd generally lean towards SMO, since it makes some things a lot easier, like scripting out objects. My own code uses SMO some times and .Net some times. I think it's handier to use .Net to get simple result sets, for instance.

I think that Invoke-SQLCMD makes more sense if you have lots of existing TSQL scripts. If you are creating strings and executing them through -Query, that's going to be messy. If you have a good grasp of how Powershell works with .Net and SMO, using Invoke-SQLCMD occasionally, when you have a script file to run, is easy. 

I've always found the PSDrive thing clunky and felt that they implemented it because they got caught up in the "everything can look like a file system" idea. I know that the *nix guys love \proc and such, but I feel that this implmentation feels sort of forced. I think that PSDrive is OK, maybe even good if you hate the UI, for exploring things but I've never written a script that uses it.

I have never seen anyone use the WMI provider. So, that would be my last choice.

So, I'd lead with SMO and fall back to .Net when it's handier to.