In this paper, we study the achievable rate and the energy efficiency of analog, hybrid, and digital combining (AC, HC, and DC) for millimeter wave (mmW) receivers. We take into account the power consumption of all receiver components, not just analog-To-digital converters (ADCs), determine some practical limitations of beamforming in each architecture, and develop performance analysis charts that enable comparison of different receivers simultaneously in terms of two metrics, namely, spectral efficiency (SE) and energy efficiency (EE). We present a multi-objective utility optimization interpretation to find the best SE-EE weighted tradeoff among AC, DC, and HC schemes. We consider an additive quantization noise model to evaluate the achievable rates with low resolution ADCs. Our analysis shows that AC is only advantageous if the channel rank is strictly one, the link has very low SNR, or there is a very stringent low power constraint at the receiver. Otherwise, we show that the usual claim that DC requires the highest power is not universally valid. Rather, either DC or HC alternatively results in the better SE versus EE tradeoff depending strongly on the considered power consumption characteristic values for each component of the mmW receiver.