In what application would constant duty be required? Although I agree, the hydraulic option is the most rational, and easy/cheep enough given a power steering upgrade.
I'm still on the fence myself. The options would seem to be:
A: Factory $1500 for a used unit +$?XXX for seals and parts to get it up to snuff.
B: Electric $300-$1200 new with a warranty
C: Hydraulic using a PTO mounted pump $1500+ but offering more options for cranes, blades,... anything you can imagine running hydraulically.
D: Hydraulic using an engine mounted power steering pump $1500-$500 depending upon how you look at it, and how skillfully you scrounge. (Consider the PS pump as "free" or added to the overall cost)
The best I can come up with cost-benefit is probably PS powered hydraulic for most casual applications, the pump does double duty, and most guys will find the power steering more useful than the winch. Serious work trucks might find utility with the "full" PTO mounted hydro and the Unimog-type options that would allow. Weekend warriors who only need to drag themselves or a dinky Jeep out of a small mudhole once a year should be fine with a cheap electric and a snatch block. The weight and cost of the factory winch set-up leave it somewhat out in the cold IMHO. Okay for all applications, but master of none and no real cost benefit if buying at current market costs.
But most guys seem to just like the winch for the looks/bragging rights.