It all depends on what you are trying to accomplish with the finished paint job.
The ultimate paint job, show finish, requires taking the surface down to bare metal. For a show vehicle, and if you are not professional, I'd leave that to a shop that has a paint booth and the proper equipment.
An amateur can do a real nice looking paint job if he/she takes their time and does some research on how to paint a vehicle.
Stripper is a mess to work with and if it drys before you get it off, it is harder to get off on a second pass. It is costic and can be real harmful to your health. It must be done in a well ventilated area.
With media blasting you can get every nook and cranny but requires special equipment and safety gear. Depending on where you live, you may be having some problems with your neighbors over the dust unless you keep it contained.
Sanding the existing finish is labor intensive but can produce a real nice job. You need to take care of any rust issues. You need to identify "surface rust" vs "the top of the iceberg rust". Any exposed surface needs to be treated with a rust inhibitor before prime and paint. Serious rust needs to be removed even if you have to cut out a section and replace the metal, which also requires learning a set of skills.
In all cases body filler and sanding is necessary to eliminate small irregularities in the surface. The finish look is all in the preparation work done prior to painting. Of the three methods, I'd recommend that sanding, especially if you are going to do it your self. To get a real great job is going to personally cost you in equipment, labor hours, mistakes, learning curve. Otherwise, consider having a paint shop do it for you.
Good luck with your project,

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This truck was done with the sanding method at home. Only going to exposed surface where absolutely necessary. There was a year of body preparation and priming/wet sanding work prior to painting, and after painting a bunch of wet sanding and buffing. Time and patience is the key. It has always received positive comments from professional body/paint shop people.
Click the link below to see a glimpse of the body work done prior to paint. Look under "Body Work 2009 - 2010"