I have spotted and stalked a few deer. I generally use a compound bow, but have used a recurve for the spot and stalk. I prefer them because of their ability to be drawn quickly. I'll be the first to admit I will take more game with a stand, but like the challenge of a stalk on occasion. That being said, the most common animal for me to get is a young inexperiened yearling I'm not wanting. For an experienced animal, the stand will certainly be more productive.
Spotting and stalking is something you learn. Drawing is usually only done behind the deer or when they have grown bored and looked away (as with younger animals.) It helps to be in a game rich area and to move very slowly in stocking feet.