This was a common rumour at the time but it wasn't true. Raleigh's Titanium frames were cheaper because they were bonded
Only the Dynatechs were bonded, they also made a Russian Ti frame that was welded called the Torus - some of these were painted (mainly the team type bikes to show off the team/sponsor colours). Most of raleighs bikes were made of rolled and welded tubes as were a large number of other Ti bikes at the time - no bad thing as it did reduce costs and didn't look bad after a bout of bead blasting
I would never have a painted Ti bike myself, I love the fact that they look fresh after 10 years and aren't so suceptable to changes in fashion like paint (put my old 7 colour neon fade Cinelli mountain bike against my Fat Ti and tell me which looks the most modern!), but I also love the fact that a really good ti bike has such nice welds that you want to show them off not hide them.
Personally I have always thought that paint looks best on a fillet brazed steel bike with beautiful flowing joints - makes the paint look fluid, Ali bikes should be anodised and Ti and Carbon should be naked