Ive done them both ways. I see the point of both ways. I do think it comes down to the individual lifter though. For me, I have always 1RM better doing touch and go reps. Not sure why, but thats how I am. I use solid form whether TnG of Pause. I do both. It seems the initial pull off the floor is my strong point. My weak point in my pull is just below the knee in transition. So I do speed pulls off plates and Rack pulls to go with floor pulls.
I think if your form is good it doesnt matter, if your banging and using horrible form then your beggin for an injury. I also think there is a difference in touching and going and slamming and bouncing and obtaining a nice rebound in the weight. Staying tight and a light touch and go is just as good IMO.
STB hit in on the head with his assessment.