It depends on the barrel material and diameter of the barrel at the muzzle, and of course the contour.
Rebore
Pro.
1. Should still fit the inlet of the stock
2. Price might be cheaper
3. Quality should be at least as good as what you started with if not slightly better.
4. Does not require rifle accurizing (bolt face squaring, recutting threads, lapping lugs and so on).
5. The current surface finish remains, you don't have to get it blued or cerakoted unless you want to.
Con.
1. Might have to be set back to clean up a larger chamber in that case it will not fit the stock, there will be a larger gap. (this could be infilled with bonding agent like epoxy.
2. Barrel might be scrapped by the process, mistakes happen and every gunsmith can not take into account for what they can not see in the composition of the barrel material. There are often hard spots in various sections of factory barrels from the manufacturing process.
3. Because the action is what it is, the action might infer problems that were lived with in original factory barrel. Due to concentricity.
4. Cartridge may not 100% clean up the old chamber, and the set back may not work scrapping the original barrel.
Rebarrel
Pro.
1. New barrel with some level of accuracy guarantee as long as the rifle is square or made square.
2. You can have any barrel diameter or length or fluting or muzzle devices you want.
Cons.
1. Cost, a new blank is $250-1100 depending on what material and quality you want. Plus fitting $300-750 depending on what your smith charges. You can probably buy a 35 Whelen or 9.3x62 for the cost of the work.
2. Depending on what action you have, your smith may not have the best tooling or experience in truing up that particular rifle.
3. Even if the smith contours the barrel to match the current factory barrel the stock will have to be worked to make sure everything fits. This will add some level of cost.
4. There is no surface finish. you can install a stainless barrel into a stainless or chrome action without a problem, this would save you having to get some kind of a surface finish.
Rebore.
If you want everything the same, and want to ultimately save a $300-1000 bucks. The risk is much higher of failure.
Rebarrel
If you want the best accuracy the cost will be higher, but you will get the rifle you want.