I read in some online publications that oly lifts do have amazing bodybuilding applications, but other articles argue that olympic lifts are only for olympic lifting, not for bodybuilding, therefore not providing as much physique development as non-olympic lifts.
That's true - an Olympic training routine won't lead most people to a Mr. Universe title. But Olympic lifters no longer compete in physique contests.
Back in the pre-Weider days of bodybuilding, contestants in bodybuilding contests had to include some sort of athletic activity in their presentation. Bob Hoffman - founder of the York Barbell Company, and the head honcho of bodybuilding at the time - had nothing but disdain for "mirror athletes"., and expected bodybuilders to be real athletes. Although the contestants could choose from a variety of activities, such as hand-balancing, most of them did Olympic lifts. If you look at the physiques of the bodybuilders at the time, they are definitely more muscular than the average person. But none of them would win a modern bodybuilding contest. Once Joe Weider took control of bodybuilding, the athletic performance part of contests was dropped.
A person who does Olympic lifts will become more muscular. But Olympic training isn't bodybuilding training. The typical Olympic lifter, other than Superheavyweights, weighs considerably less than a bodybuilder of the same height. What Olympic training will do is increase your muscular power. After training the Olympic lifts, most people will notice an increase in their veritcal leap and sprinting speed. For people engaged in real athletics, Olympic training is far more productive than bodybuilding training.