I've got cottered cranks on my Maserati conversion. They function fine, but aren't preferable. I disassembled them in order to overhaul the BB, and when I reassembled them I found it nearly impossible to get the cranks perfectly 180 degrees from each other. Right now they are about 175 degrees off.. Good enough, but not great.
Plus, I stripped the threads off one of the cotters. Its in, and the bolt is tight, but next time I disassemble it it'll need a new cotter. I'll probably just leave it all assembled until I replace the BB and the cranks as a set.
So yeah, they are a hassle, but not impossible to work with.
Also, I've got to say that Sheldon's post is about as non sequiter as I've ever seen out of him. "Here is some advice, and here is a photo of me in drag." Yes!
peace,
sam