In reply to Misha:
Pros and cons, really.
Laps on routes is more like proper climbing (less down and sideways - my guess is that this is relevant), and there's clipping. Probably more fun. Steeper, bigger moves, range of angles, looking where you're going when the route's not wired - all useful.
But circuits are much more easily tailored to exactly what you want, and provided you've got the thing to yourself, it's more efficient, given the lack of belaying. It can be fun, if as I quite often have the training room to myself and can put my own tunes on - although I still try to choose something a bit more accessible than mind-expanding 19th century solo piano music, in case someone does come in and I get banned from the wall for being too weird. If someone else has got shit music on, it is purgatory. One trouble I've had is that the crimpy 15 deg board, Gresham's "Malham board" was instrumental in f*cking up my right elbow, I think due to the extremely "locky" style of down-climbing on crimps with incredibly shit feet. *So* bent-elbowy - not very healthy once you hit 40 and everything start going to shit.
In my experience, both work, and I'd say laps on routes for lower intensity (the board is just too repetitive/sideways), the board for higher intensity where on routes you're much more at the mercy of the setter to get the intensity right. I've also noticed a very high degree of specificity of training in general. I can get quite good at crimpy/snatchy 30 deg board bouldering, and have that not translate to much else. So not hammering one thing to death might be advisable?