Parameter sniffing work arounds

Question

I have used two methods to get around parameter sniffing issues in the past:

1) Use WITH RECOMPILE
2) Reassign parameter values to local variables and use those instead of the parameters

From what I understand, the end result of both of these is the same - a new execution plan that is optimized for the current query/params is created and used.

If this is true, are there any differences between these two methods or are they essentially the same? Is one preferable over the other?