I know that it allows for Z (elevation) and M (measure) into the definition of points whereas the OGC methods methods do not.
spatialite> create table xx as select geomfromtext('POINT (28.58000199 -20.16999754)',4326) as position;
This persists the SRID and all related functionality is available; see my session below. And I can store different types into the same column.
Why/When should I use AddGeometryColumn?
Session:
/* SRID */
spatialite> select srid(buffer(position,1000)) from xx;
4326
/* Geometry Type */
spatialite> select geometrytype(position) from xx;
POINT
spatialite> select geometrytype(buffer(position,1000)) from xx;
POLYGON
/* Conversion to WKT */
spatialite> select astext(buffer(position,1000)) from xx;
POLYGON((1028.580002 -20.169998, 1027.209537 -72.505954, 1023.101897 -124.698461, 1016.268343 -176.604463, 1006.727603 -228.081688, 994.505828 -278.989043, 979.636518 -329.186992, 962.160428 -378.537947, 942.12546 -426.906641, 919.586526 -474.160497, 894.605406 -520.169998, 867.25057 -564.809033, 837.596996 -607.95525, 805.725963 -649.490389, 771.724827 -689.300604, 735.686783 -727.276779, 697.710608 -763.314823, 657.900393 -797.315959, 616.365254 -829.186992, 573.219037 -858.840565, 528.580002 -886.195401, 482.570502 -911.176522, 435.316645 -933.715455, 386.947952 -953.750424, 337.596996 -971.226514, 287.399047 -986.095824, 236.491693 -998.317598, 185.014467 -1007.858338, 133.108465 -1014.691893, 80.915958 -1018.799532, 28.580002 -1020.169998, -23.755954 -1018.799532, -75.948461 -1014.691893, -127.854463 -1007.858338, -179.331689 -998.317598, -230.239043 -986.095824, -280.436992 -971.226514, -329.787948 -953.750424, -378.156641 -933.715455, -425.410498 -911.176522, -471.419998 -886.195401, -516.059033 -858.840565, -559.20525 -829.186992, -600.740389 -797.315959, -640.550604 -763.314823, -678.526779 -727.276779, -714.564823 -689.300604, -748.565959 -649.490389, -780.436992 -607.95525, -810.090566 -564.809033, -837.445402 -520.169998, -862.426522 -474.160497, -884.965456 -426.906641, -905.000425 -378.537947, -922.476514 -329.186992, -937.345824 -278.989043, -949.567599 -228.081688, -959.108339 -176.604463, -965.941893 -124.698461, -970.049533 -72.505954, -971.419998 -20.169998, -970.049533 32.165959, -965.941893 84.358466, -959.108339 136.264468, -949.567599 187.741693, -937.345824 238.649048, -922.476514 288.846997, -905.000425 338.197952, -884.965456 386.566646, -862.426522 433.820502, -837.445402 479.830002, -810.090566 524.469037, -780.436992 567.615255, -748.565959 609.150394, -714.564823 648.960609, -678.526779 686.936784, -640.550604 722.974828, -600.740389 756.975964, -559.20525 788.846997, -516.059033 818.50057, -471.419998 845.855406, -425.410498 870.836527, -378.156641 893.37546, -329.787948 913.410429, -280.436992 930.886519, -230.239043 945.755829, -179.331689 957.977603, -127.854463 967.518343, -75.948461 974.351898, -23.755954 978.459537, 28.580002 979.830002, 80.915958 978.459537, 133.108465 974.351898, 185.014467 967.518343, 236.491693 957.977603, 287.399047 945.755829, 337.596996 930.886519, 386.947952 913.410429, 435.316645 893.37546, 482.570502 870.836527, 528.580002 845.855406, 573.219037 818.50057, 616.365254 788.846997, 657.900393 756.975964, 697.710608 722.974828, 735.686783 686.936784, 771.724827 648.960609, 805.725963 609.150394, 837.596996 567.615255, 867.25057 524.469037, 894.605406 479.830002, 919.586526 433.820502, 942.12546 386.566646, 962.160428 338.197952, 979.636518 288.846997, 994.505828 238.649048, 1006.727603 187.741693, 1016.268343 136.264468, 1023.101897 84.358466, 1027.209537 32.165959, 1028.580002 -20.169998))
spatialite>