I feel like there's going to be a lot of people citing KISS and other notions about additional parts and potential failures, etc.
I'm pro-bearings, if that's how we want to draw the line here. Less friction, less flimsy, better action, easier to lubricate. This is at the cost of generally having more exposed pivot parts which could attract lint / dirt / etc, but I have yet to ever have a problem with that.
Compressed air and nano lube is all I need with a pivot-bearing knife. I'll take that compromise for the sake of how fun they are to play with. I probably opened and closed my Buck Marksman more times than any other knife I've ever had, as I could do a full open/close cycle in less than one second. Clickity-boom, opened, locked up, unlocked, and closed - faster than you could really tell what was going on.
I wouldn't say they're necessarily functionally superior, as I really don't know if they are. I do prefer them, though, and have had enough bearing-pivot knives to know that I will basically always opt for them over washer-pivot knives.
Besides, it makes it easier for companies to produce knives with good pivot action. I've had about a dozen skylines in my hands, and maybe 3 had good pivot action out of the box. Every KVT knife I have had has had perfect action right out of the gate - assuming the detente was set correctly, of course.