I have done this I O gauge and I will caution you it gets expensive. I went with this method because it is the only one I knew about. Also scenery below track height has to be planned well in advance when using the woodland scenics foam risers and sheets of foam for scenery base. You also need to pick a starting or "0" height above the plywood just in case you discover that you need a bit more wiggle room for getting your track below another (bridges necessarily take up space below the height of the roadbed, quite a bit depending on the type of bridge. Also just buy foam board instead of using the foam risers for level track, it was cheeper and easier for the grades the foam inclines worked really well. You still need to be careful about vertical easements when transistioning from level track to incline and vice versa. You may have uncoupling problems if you dont, especially in HO scale. A good hot wire cutter (and good ventilation!) is necessary for the foam method of construction.
Ive done the bolt on method before and it is workable. I over engineered by O guage layout (I can walk on it), but it started life as an L-shaped N-scale layout. Bolt on becomes unworkable when you go to try to diassemble it for moving after youve put down scenery. I made this mistake on my O guage layout. I have angled pieces of steel holding the sections of the layout together. The angled steel is attached with counter sunk bolts in the top and nuts on the bottom, and run the length of the 4x8 pieces of plywood. I have 2in blue foam board glued and screwed down on top.
Ive done the bolt on method before and it is workable. I over engineered by O guage layout (I can walk on it), but it started life as an L-shaped N-scale layout. Bolt on becomes unworkable when you go to try to diassemble it for moving after youve put down scenery. I made this mistake on my O guage layout. I have angled pieces of steel holding the sections of the layout together. The angled steel is attached with counter sunk bolts in the top and nuts on the bottom, and run the length of the 4x8 pieces of plywood. I have 2in blue foam board glued and screwed down on top.