I have a receiver mounted XRC8. Which is nice because I can use it in the front or in the back. However, the tray winch combo is 100+ lbs. Which is not un-usable... but is rather heavy if you are going to be using it frequently. Also, that means you have to have plugs/sockets. As far as connections go, I use Tweco welder plugs which seem to work well, but they're rather expensive. I hear some people use forklift plugs as well. As Mo said, you do end up with lower clearance; especially if you leave the winch in the hitch (I keep mine in my toolbox). Also, if you have somewhere to store the winch/tray where it's out of the water and the sun, it will last longer.
In my opinion, the hitch receiver is the more versatile option.