The comments from the CICS Resource Definition Guide SC33-1684 is as follows:
RECOVERY=ALL Log before images to the system log, and after images to the journal specified in the FWDRECOVLOG attribute. (Coupling facility data table restriction:
Records written to the FWDRECOVLOG are independent of any automatic journaling options that may be set.
RECOVERY=ALL together with FWDRECOVLOG provide a means of separating the needs of a forward recovery utility from those of automatic journaling. Additional information, not available via automatic journaling, is recorded on the FWDRECOVLOG. RECOVERY=ALL plus FWDRECOVLOG is the recommended way to provide forward recovery support.