AFAIK both are used keeping different context in mind i.e., if u enable or configure multilink concept bundling all your physical links into a single logical pipe you use up the ppp multilink command under them.
ip load-sharing is used in conjuntion with CEF this is an interface mode command which tells the router what kinda of load sharing it has to deploy or put in place either per packet or per destination.
If you want to have load sharing in 2 of your equal cost links and if you dont want them to bundled for load sharing you can use them as 2 different pipes and configure this command under the same.
As always its per destination which is recommended and most widely used if you have VOIP traffic in your network.
also do refer these links for more info about them..
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