The template-based version allows the compiler to inline the call, because the address of the function is known at compile-time. Obviously, the disadvantage is that the address of the function has to be known at compile-time (since you are using it as a template argument), and sometimes this may not be possible.
That brings us to the second case, where the function pointer may be determined only at run-time, thus making it impossible for the compiler to perform the inlining, but giving you the flexibility of determining at run-time the function to be called:
bool runtimeBooleanExpr = /* ... */;
doParam(0, runtimeBooleanExpr ? add1 : add2);
Notice, however, that there is a third way:
template<typename F>
void doParam(int i, F f){
std::cout << "Do Param: " << f(i) << "\n";
}
Which gives you more flexibility and still has the advantage of knowing at compile-time what function is going to be called:
doParam(0, add1);
doParam(0, add2);
And it also allows passing any callable object instead of a function pointer:
doParam(0, my_functor());
int fortyTwo = 42;
doParam(0, [=] (int i) { return i + fortyTwo; /* or whatever... */ }
For completeness, there is also a fourth way, using std::function
:
void doParam(int x, std::function<int(int)> f);
Which has the same level of generality (in that you can pass any callable object), but also allows you to determine the callable object at run-time - most likely with a performance penalty, since (once again) inlining becomes impossible for the compiler.
For a further discussion of the last two options, also see this Q&A on StackOverflow.