I used to have a Benchmade Sentinel. I only sold it because I wanted ot raise funds to try other knives. I wish I had it back!
I find spearpoints to be aesthetically GORGEOUS! As to how well they cut, that depends on the kind of spear you have. There are those like the 880, more pointy and yes, they don't cut as well as, say, if the blade were a single full flat grind. But you can have knives like the SERE 2000, which is a wider blade and I'm sure has a better cutting geometry. Further, some classify drop points with the point lying directly blade center as a spear point (I do as well, and I go ahead and consider points close to center to be spear poitns as well.) Thus, some spear ponts are designed to cut better. Chris Reeve's Project I blade has a great spear point, which si pointy yet offers quite a robust tip shape (good choice for a survival blade!)
I found the Sentinel (Precursor to the Dark Star models) to be a good EDC. Pierced materials with ease, cut what I wanted it to cut, and looked great doing it. Personally, in smaller blades I prefer more of a cutting geometry, such as a nice full flat grind on a leaf/spear shape such as a Spyderco Manix. But I still think that spear points in general are one of the best blade shapes one can have. If done right, they can offer good cutting, good piercing, and great tip strength.