With recrafting, they refinish the uppers, do everything on the original last, replace the welt if needed, ect. Nick V is a high end guy, so he'd likely do all the same stuff, though not on the original last (but very close). He'd also probably use a better quality sole leather than some manufacturers. Your average corner cobbler would not do all that though- they would just swap out the sole, without being too careful on the stitching, give you a quick polish, and send you on your way.
If anyone can chime in as well, does B Nelson shoes refinish the uppers as well as/as thoroughly as the original manufacturer does if I select the "Standard resole and heel recraft package($115)? I plan to add sole guards after.