Planing vs Sanding...

Speed and ease aside... and assuming both are accomplished "correctly"... will one result in a finish with clearer grain/figure than the other?  If so, does the finish matter?  If so, does the type of wood matter?  If so, presumably the planing (and i include scraping in that category) would be better, but does a final hand sanding (say 220) prep prior to finishing change that result?

I have read inconsistent conclusions on this question, including from finewoodworking itself.. I am planning on running my own test (hopefully I am competent at both tasks...) but am very interest to learn what your belief and practices are... particularly the finishing experts.... howie, steve s. and others.

many thanks.

tony.