I think the hand-to-hand method is more common in Scottish dancing (at least the version favoured by the RSCDS), while the linked elbows is more common in English ceildh dancing. In my experience, RSCDS dancers are very controlled and graceful, and will not allow the centripetal force to gain momentum, whereas English ceilidh dancers will go with the flow and end up like whirling dervishes if they're not closely linked at the elbow.

In most Scottish dancers, the turns are written as hands, but are danced as either turns( hands) or Spins ( hands to elbows) depending on the dance and the group of people. There are many people in the RSCDS (including me) trying to remove the impression that it's all old ladies dancing very gracefully at all times. I can do it absolutly by the book if required, but most of the time good technique simply allows you to put extra spinns, twiddles etc, to have a nice big set, and to help beginners more. It's alot easier for them to get their reel of four right if the other three people are in the right place...

We try and teach hand to elbow spins, to everyone, even at ceilidhs. They're faster and more comfortable.

Topsie, haven't you seen Flying baskets done properly, ie with four people who know what they're doing, are well matched for height, have enough space and aren't drunk?
Flying the smaller two people* than is easy and safe, and everybody keeps their feet and the timing.

*Baskets with four men are good for a laugh...