My vote goes to bolt-on. I've seen several different trucks with welded diff guards that took a hit and caused the axle housing to crack at the weld. Given that there are so few welded diff guards out there, I think this is a serious problem.
The bolted diff guards can come loose, that's true. A hard hit can shock loose the diff guard from the axle. But I don't think this is a serious problem. The front diff guard may come loose, but it's held onto the vehicle with by the panhard rod. If the front diff guard does pop loose, you'll hear it clanging and you won't actually lose it.
The rear diff guard can pop loose and become lost. To avoid this, simply attach a tether between the diff guard and the axle. Even a zip tie would work. If you want to go Uptown, you can get some stainless wire rope and make up a super nice tether. I don't think it's necessary though.
If you hear a clanging after a hard hit, just stop and reattach the diff guard. This beats trying to fix a cracked axle housing, at least for me.
The tether is also less intrusive to the vehicle than tack welding. That has never made sense to me either. I would like to be able readily to remove the diff guards for maintenance if I wanted. Lots of junk gets stuck in the diff guard that doesn't come out with a hard stream of water or a shot of compressed air shot between the diff guard and the axle pan.