Well, those are the main advantages. A latchless bali doesn't make the best utility knife. But on a bali that is intended primarily as a weapon, the latch is just an encumberance, and you have to ask, what is the purpose of the latch? Even on a utility knife, the latch is only of use if you carry the knife loose in your pocket or pack, and when you set the knife down.
For those who are fortunate to live in a state where balis can be carried routinely, how often do you find yourself latching the bali before using it for the day to day things a utility knife gets used for? Go without latching the knife for a day and see how often you really wish you could latch it.
Of course, all this hypothesizing is from a guy who can't legally leave the house with his balis.