> Assuming a simple XML document:
> 

If you assume a simple input document, then the value-of solution will
always be best. The whole point about apply-templates is that it doesn't
assume a simple document. It allows your code to work with other documents
or document structures; it's more resilient to change and variation in the
input. It gives your code greater reusability and greater longevity.

Michael Kay
http://www.saxonica.com/