The difference is a bolt will stretch and a poor weld will crack and pull apart. A bolt gives you a warning before it fails, a weld does not. A bolt is made to a better quality standard, and a weld can be all wrong from the get-go. Any moron can bolt a recovery point onto a vehicle, but not any moron can weld correctly.
Point is, there is a right way and a wrong way. Welded recovery points are the wrong way of doing things. I don't care if you're a "certified" welder or a weekend welder, welding recovery points is the wrong way of doing things. Period. It does not matter what your uncle Joe said about the welded recovery points on his 1976 Bronco.... It the wrong way. Some clubs will not even allow you to participate in trail riding with their group if you have welded recovery points
http://www.baltimore4wheelers.org/ohv 2009/2009_OHV_registration_form.pdf