I've always liked traverse rods. I love light in the daytime and privacy at night. This fits the bill for that. I do know that depending on the direction of the window that could be a problem on a sunny day(like a south window). But you can help this by putting sheers behind the drape.
Blinds are quite adjustable for letting in light without the heat of the sun and for privacy but as others have said they are hard to keep level and hard to keep clean.