I have owned many AO knives (lets see: SOG- Flash I, Twitch II, Twitch XL, Trident. Buck Rush. Kershaw- Leek, Scallion, Chive. Gerber F.A.S.T. etc.). I find that in general, an AO with a flipper is designed to be flipped, period, and the thumbstuds generally act as additional blade stops. If an AO doesn't have a flipper, the studs seem to positioned differently so that they may be used like a normal (albeit faster) knife and there isn't the same risk of cutting your thumb upon activation.
Actually, I had been pondering this issue recently and then noticed this thread. I used to highly favor flippers since they seem more "auto-like" in that the flipper is like a small button that activates the mechanism and seems like a switch blade. However, many flippers actually require more of a grip change than a stud, and some are quite stubborn to get started. My Flash I and Trident, on the other hand, can be opened by a very slight flick motion that I'd imagine is quite second nature for anyone used to opening folders.
Overall, I'd say flippers have a better "cool" value, but knives designed to be opened conventionally, but have AO, are the fasted ones short of autos and waves. As for you anti-AO folks, I've got plenty of conventional folders as well, but you've got to admit that opening them seems pretty darn slow compared to an AO, especially a thumbstud one, as you only have to get past 20 degrees instead of all the way.