Here have I found:
As far as performance differences between OPENXML and the XML column type with the nodes() function, there doesn't seem to be a crystal clear answer. If you scan through the SQL Server XML posts on the internet you will find some threads where OPENXML is faster than the XML column's nodes() function and vice-versa. As always the best approach may vary depending on your individual circumstances so don't blindly choose the XML column type and the nodes() function over OPENXML.
declare @xml XML
set @xml = (select * from deleted for xml auto, elements )
insert into log(tableName, msg) values('deleted', cast(@xml as varchar(max)))