Razor-based MVC vs. Single Page Application in MVC 4

Razor is a server based technology where SPA (Single Page Application) is an architecture approach used on the client (web browser). Both can be used together.

From a high level, SPA moves the rendering and data retrieval to the client. The web server becomes a services tier sitting in front of the database. An MVC pattern works best when using SPA. Frameworks like Knockout.js and Backbone.js can be used for this. The net results is a rich responsive desktop like experience.

To achieve this you'll need to be a descent javascript programmer or be willing to learn javascript.

Yes it's moving business requirements from C# into javascript. In Visual Studio there is limited intelli-sense for javascript. To have confidence in your javascript you'll need to lean on unit testing. The up side is the rich user experience (think gmail or google maps).

I think it sounds like you are already fairly well apprised of most of the trade-offs here; you'll have reduced network load with SPA, and will shift a measure of the processing to the client. You will, however, increase the complexity of your code, and make it slightly harder to easily maintain the system (simply because of the increased complexity - not due to any architectural problems inherent in SPA).

Another thing to keep in mind is compatibility. The reason I mentioned a "false choice" in my comment to your question is that to keep the site usable for folks with Javascript disabled, you will still need to provide regular, whole-page views. This is also a good idea to do for the sake of SEO; a crawler will browse your site as a user with JS disabled, and can then index your site. The site should then handle such incoming URLs properly so that those with JS enabled will find themselves in your SPA looking at the same content (as opposed to being dumped in the "no JS" view unnecessarily).

There's something else I'll mention as a possibility that might help with the above, but it breaks the ideals of an SPA; that is, using Ajax-loaded partials in some places, rather than JSON data. For example, say you have a typical "Contact EMail" form on the site; you want that to load within the context of the SPA, but it's probably easier to do so by loading the partial via AJAX. (Though certainly, yes; you could do it with a JSON object describing the fields to display in the e-mail form).

There will also likely be content that is more "content" than "data", which you may still wish to load via partials and Ajax.

An SPA is definitely an interesting project, and I'm about to deploy one myself. I've used a mix of JSON and partials in it, but that may not be your own choice.