My guess is "Simple Hole" is there for legacy reasons.
Then what is the point of performing a hole with the "Simple Hole" feature rather than "Extruded Cut"ing a sketch w/ a circle?
Multiple holes can be created with simple sketch points instead of individual sketch circles and applying Equal constraints.
Also, the simple hole doesn't come with the "overhead" of the drill point geometry. Having said that, I always use the regular Hole Wizard hole instead of the Simple Hole tool.