Replacing control arms is obviously easier; and replacing the bushings is obviously cheaper. The reason I typically hear for just replacing the bushings, aside from cost, is that the quality of a new replacement part is not necessarily as good as the original part. I'd be less inclined to concern about this with a cast control arm, though I don't really know what to think of the ball joint.
Thank you. I suppose its contingent on the condition of the ball joints...