Interesting thread. Most of what there is to say has been said, I think. If he's around, I'd like RacerEx's perspective on the rotating pacelines versus TTT single line debate, he's probably got more experience of the latter than anyone here.
FWIW, I think Greg has a point. If the object of the exercise is to get all or most of the riders to the finish line as fast as possible, it must make sense for the stronger riders to take longer pulls. When riding in a rotating paceline (we call it riding "through and off" here) the strongest riders aren't going to be working as hard as they can unless there is no intention to keep the group together, because if they really go for it some of the others are pretty soon going to be drifting off the back.
In more social circumstances, on club runs or moderate-intensity training rides, we often use what one might call a slow-motion version of the rotating paceline. That is, once at the front we take a pull of a minute or so, then move out to make room for the next person to "inherit the lead" (love that phrase, btw) but don't immediately drop back, staying alongside the new leader until the next change, thus effectively being in the wind for two minutes. (Obviously, these times can vary according to circumstances). Having the rotation working at that more leisurely pace makes it easy to adjust the length of pulls to the strength of the riders, and very easy for anyone who is suffering to avoid pulling at all. They simply indicate that they want to move out into the retreating line before getting to the front, and a space is made for them.