Text summarization is crucial for mitigating information overload across domains like journalism, medicine, and business. This research evaluates summarization performance across 17 large language models (OpenAI, Google, Anthropic, open-source) using a novel multi-dimensional framework. We assessed models on seven diverse datasets (BigPatent, BillSum, CNN/DailyMail, PubMed, SAMSum, WikiHow, XSum) at three output lengths (50, 100, 150 tokens) using metrics for factual consistency, semantic similarity, lexical overlap, and human-like quality, while also considering efficiency factors. Our findings reveal significant performance differences, with specific models excelling in factual accuracy (deepseek-v3), human-like quality (claude-3-5-sonnet), and processing efficiency/cost-effectiveness (gemini-1.5-flash, gemini-2.0-flash). Performance varies dramatically by dataset, with models struggling on technical domains but performing well on conversational content. We identified a critical tension between factual consistency (best at 50 tokens) and perceived quality (best at 150 tokens). Our analysis provides evidence-based recommendations for different use cases, from high-stakes applications requiring factual accuracy to resource-constrained environments needing efficient processing. This comprehensive approach enhances evaluation methodology by integrating quality metrics with operational considerations, incorporating trade-offs between accuracy, efficiency, and cost-effectiveness to guide model selection for specific applications.