The proper answer is really both, and not either or.
Setting aside for a moment the issue of no end date for recurrence: what you want is a header that contains recurrence rules for the whole pattern. That way if you need to change the pattern, you've captured that pattern in a single record that can be edited without risking update anomalies.
Now, joining against some kind of recurrence pattern in SQL is going to be a great big pain in the neck. Furthermore, what if your rules allow you to tweak (edit, or even delete) specific instances of this recurrence pattern?
How do you handle this? You have to create an instance table with one row per recurring instance with a link (foreign key) back to the single rule that was used to create it. This let's you modify an individual child without losing sight of where it came from in case you need to edit (or delete) the entire pattern.
Consider a calendaring tool like Outlook or Google Calendar. These applications use this approach. You can move or edit an instance. You can also change the whole series. The apps ask you which you mean to do whenever you go into an editing mode.
There are some limitations to this. For example, if you edit an instance and then edit the pattern, you need to have a rule that says either (a) new parent wins or (b) modified children always win. I think Outlook and Google Calendar use approach (a).
As for why having each instance recorded explicitly, the only disastrous thing I can think of would be that if you didn't have the link back to the original recurrence pattern you would have a heck of a time cancelling the whole series in one action.
Back to no end date - This might be a case of discretion being the better part of valour and using some kind of rule of thumb that imposes a practical limit on how far into the future you extend such a series - or alternatively you could just not allow that kind of rule in a pattern. Force an end to the pattern and let the rule's creator worry about extending it at whatever future point it becomes necessary.