It usually comes down to personal build preference. Some people like working with fiberglass/resin hardened pepakura models. And other people like working with Foam (using templates or free-hand).
Fiberglass/bondo builds are a bit more expensive to create - and most people would agree they also take much more time as well.
The other difference is flexibility. If you want your pieces to be hardened, then fiberglass/bondo methods are the best. If you want some flexibility in the piece (even if it looks hardened), then foam is your friend.
I personally don't hold with the ALL foam or ALL fiberglass/resin/bondo theory. Mikey's Ironman suit has some parts (helmet, cod piece, boots, wrists) made out of fiberglass and some parts made out of foam. I think they worked very well together - so I decided which method to use purely on functionality (which ones I wanted to be 'flexible').
Hope that helps!

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