[plt-scheme] named let versus letrec

If you plan to define a recursive function that you will call
immediately, you can use either `letrec` or a `named let`.

The `letrec` approach is more explicit in that you are defining a
function and then explicitly calling it, whereas the `named let` is
shorter, and does the same thing.

When it comes to Lisp style, what are the pros and cons of both?