It has been shown in the past that a multistart hillclimbing strategy compares favourably to a standard genetic algorithm with respect to solving instances of the multimodal problem generator. We extend that work and verify if the utilization of diversity preservation techniques in the genetic algorithm changes the outcome of the comparison. We do so under two scenarios: (1) when the goal is to find the global optimum, (2) when the goal is to find all optima. A mathematical analysis is performed for the multistart hillclimbing algorithm and a through empirical study is conducted for solving instances of the multimodal problem generator with increasing number of optima, both with the hillclimbing strategy as well as with genetic algorithms with niching. Although niching improves the performance of the genetic algorithm, it is still inferior to the multistart hillclimbing strategy on this class of problems. An idealized niching strategy is also presented and it is argued that its performance should be close to a lower bound of what any evolutionary algorithm can do on this class of problems.