I've got about 500 miles on pinned flat pedals, 350 of which have been on DMR V12s - not a lot, but I think it's enough to know these are better than clipless, better than toe clips, better than toe clips with cleats - at least if you're not racing or riding in competitive groups.

The downsides: 1) can't pull up as well as with toe clips or clipless, although you can pull more than a little bit; 2) blood loss from the pins, if unprotected leg tissue hits the pins.

The upsides: 1) you don't need special shoes because of the large surface area - but my black/white/orange-red Five-Ten Minnears are way cool; 2) great connection with the pedals with easy disconnect (just lift your foot up a few mm); 3) able to vary foot position - ball of foot when you want it, mid-foot when you want, straight ahead or angled as you please; 4) easy to vary q-factor, just by placing your foot in a different place on the pedal.