I don't know what the specifications are for the projects, in terms of *quality* and clean mortises and what-not. Do the slats need to be more squarish, or is a full bullnose roundover acceptable?
The Domino seems to be ideal for that project if you need true mortise and tenon joins. It would also seem to be much more elegant.
Pros and cons
Domino approach:
560 mortise slots (28 slats; 10 joint points. One slot for the vertical support, one on the slat = 28 * 10 * 2 = 560)
If you cut on slot every 10 seconds (ambitious) that's still an hour and a half of slot cutting.
Keep in mind, that is also 280 Dominos to glue and insert individually. Let's assume 4mm Dominos for minimal cost. So that's only $7.75. Not bad at all
And finally, the best reason NOT to use a Domino for this: You would have to assemble each rack set at the same time, lining up ALL of the Dominos and slots on the second side, in order to hammer it home and let the glue dry.
NOW, if you custom make the slats to the same size as a Domino tenon, you only have to do 280 slots and just cut the slats to length and glue them in (they *are* the Dominos, essentially).
However, you'd save a TON of time if you cut (router or tablesaw...) a dado into the vertical supports the same width as your horizontal slats (assuming they stay square or are just barely eased). Then just cut a bunch of identical small spacers (gang cut them) to put between each slat. Glue slats and spacers in place. Voila.
Pros and cons:
Spaced slat approach:
An extra 1/2" of material for each slat (1/4" on each end) * 28 slats * 5 racks = 70 extra inches. Those look like 2" slats, probably 1/2" thick? So that's a mere 0.48 extra board feet of material. Plus the material for the spacers, which would be 1/4" x 1/2" x whatever length (6 feet?)... pretty negligible.
You would still have to put the whole rack set together at pretty much the same time, but you can put each slat and spacer in sequentially, then do the next one, etc. They don't all have to line up at exactly the same moment to drive the parts home.