Great question — answering as the UphillTech team:
Yes, there is a chemical difference. When you cook the porridge, the starch from the oats thickens the milk like a pudding. You don't get the effect (propper name, anyone?) by just soaking them. Just as you will never get a firm pudding without cooking. What you prefer taste-wise is a completely different question.
Full answer by Stephie: https://cooking.stackexchange.com/a/51504 (CC BY-SA 3.0).
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