Recruiters and company HR reps - which form of a cover letter is best?

In applying for positions at mid-level or upper-level management, should I write my letters in full paragraphs, which I prefer, or should I use the two-column "T" format, listing requirements on the left and my qualifications on the right?

I'm looking at top tier consulting firms and senior positions in technology and biotech companies.

Thanks to everyone. Looks like only one recruiter/HR pro here, but no matter - you all validated my gut instinct. Narrative letters show the ability to communicate and to succinctly state a problem. The bullet-point or T-form letters strike me as devices for lazy readers of cover letters - amazing how many recruiters and online resources advocate against paragraphs, though.

I say paragraph form. I used to be a recruiter and I have never heard of the T format. That would get on my nerves.

In my opinion you should go for a regular paragraph, it's classier looking and it's professional looking as well; especially in the level of position you're seeking.
Good luck, i hope you get the job :)
PS: I would suggest taking a quick look at monster.com they have great ideas on CVs, cover letters, what to do, what not to do, etc. It worked for me recently.

Use the full paragraph form.

I suggest the paragraph form, it gives you a chance to explain yourself and provide details. Just make sure that your resume is short and sweet, nobody likes reading 4-5+ page resume.