What's the difference between POINT(X,Y) and GeomFromText("POINT(X Y)")?
There are two different binary formats related to the MySQL spatial extensions, the "well-known binary" (WKB) format from the standards, and the MySQL internal GEOMETRY data type.

Prior to MySQL 5.1.35, functions like POINT() didn't return the MySQL internal data type; they returned WKB... so prior to then, you had to do this:

INSERT INTO t1 (pt_col) VALUES (GeomFromWKB(Point(1,2)));


But now, as in your example, this works:

INSERT INTO t1 (pt_col) VALUES(Point(1,2));


To the developers' credit, when they changed Point() and similar functions to (more sanely) return GEOMETRY objects, they allowed GeomFromWKB() and similar functions to actually accept either WKB or MySQL Geometry data as input even though the functions are intended to accept WKB as input.

The fact that the 1st method works (in spite of being technically wrong) on newer servers and the 2nd method doesn't work at all prior to MySQL 5.1.35 might explain why examples were written using the approach you've seen -- to avoid the issue entirely.  Otherwise... I've got nothing, here.

Concatenating and then parsing text seems intuitively slower and more error-prone than functions that accept proper variables as input, so I can't think of any reason to craft concatenated strings and use the text-based functions.

http://dev.mysql.com/doc/refman/5.1/en/creating-spatial-values.html#gis-wkb-functions

http://dev.mysql.com/doc/relnotes/mysql/5.1/en/news-5-1-35.html