While I generally agree with Arne's comments, I don't think that people who end up shooting very well using a dead release, like Rick Welch, do it because they have decided they want to do something the hard way. I think that instead they try things until they find something that works for them, and in Rick's case, works very well for them, and then they use that. I know several other very good shooters who are not in Rick's class, but still are very good shots, who use a dead release because they have tried both a dead release and a dynamic release, and find that they shoot more accurately with a dead release.
I personally shoot better with a dynamic release, but it only works if I am relaxed and able to concentrate on the shot. If I'm not 100% there, and a little tense, the likelihood is that I will end up with a dead release. Those shots still turn out okay, most of the time, but they aren't those effortless shots that seem to be drawn into the bulls eye that you'd like to be able to shoot all the time, if you could.
I'm not sure about Arne's analogy about maximum effort, either. Everything we do about shooting a bow is controlled; nothing is the same as pulling a rope as hard as you can to win a tug of war. I don't know that there is any less control involved in holding at full draw, and then slightly increasing back tension to trigger a dynamic release, than there is in holding at full draw, and then relaxing the fingers to trigger a dead release. I assume this is only an argument between people who hold at full draw; I think snap shooters generally fall in the category of dynamic release, so long as they're not collapsing on the draw.
My opinion is that you have to keep an open mind about it, because there are definitely good shooters who shoot both ways.