I too agree with Kulgan.
In my experience, Fire by Rank > Platoon Firing.
Fire by Rank is better vs melee enemies like Native Americans and cavalry because 2-3 ranks can get off 100% of their shots before a charging unit reach them. I've often found that 2-3 full volleys is all it takes to make a melee unit change it's mind and flee.
Even vs ranged units, I believe Fire by Rank is superior because there is no suppression in ETW, which negates the usefulness of weaker but sustained fire, nor do I believe there is a morale penalty for being under sustained fire that is any greater than being under fire by volleys. That last part is just a guess though, I haven't actually seen that in the code.
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