Pantsing and plotting?

There are two distinct approaches to writing, pantsing and plotting. The first approach is to write from the gut; the second from a carefully planned synopsis or treatment.
There is much to commend both approaches, depending on the personality and mood of the writer, and the medium that he or she is writing in.
Screenplays require a more planned approach – the precise placement of the inciting incident, turning points, the climax and resolution. This particular framework typically plays out in a two hour film that does not allow for non-essential embellishments. After all, each additional scene ultimately costs thousands to shoot and edit. A lot of unnecessary writing in search of a purpose, even at the draft stage, is an unprofitable use of time.
A novel is somewhat different. Although this form has also felt the impact of the modern screenplay, with some novelists choosing to eliminate lengthy character rumination and plot diversions, the form does allow the freedom to dig deeper in ways that the screenplay simply can not afford.
A novelist may start with a seed idea, a genre, and a character with an aching need to fix some present or past wrong, achieve some insatiable dream, and take it from there. Some novelists believe that providing they have such markers tucked away in their minds, they can confidently unearth their stories as they go along – that they can write from the gut.
Of course, there are exceptions. Ken Follett writes draft after draft of detailed and accurate treatments of a story, prior to his commencing the writing of the novel itself. It is a method that has clearly worked for this best-selling author.
My own view is that for some of us, dwelling too long on a treatment may blunt the writing when we finally do sit down to deliver the tale. So much of the magic, especially in a novel, happens spontaneously at the level of imagery and expression – in bits of plot and image that combine in serendipitous ways to create roads and highways that advance the plot in ways that we can not predict. This, at any rate, has been my experience.
Which approach do you favour?
Summary
Pantsers write from the gut. Plotters plan their stories meticulously before writing them.
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