In reply to Karl087: Whenever I've heard people talk about cordlettes it's been to describe a large loop of cord tied together with a double fishermans. What you're describing is a snake cord, which can still be used as a cordlette by clipping the two eyes of the knots at the end but also gives you the option of using it open.
I don't use it myself but I don't get peoples objection to it, Andy Kirkpatrick raves about the snake cord, if it's good enough for him...
Advantages:
1) I agree that there are more important things that will make you quicker and a slick climber setting up a belay will probably not notice a difference between the second clipping into each bit of gear with the rope or clipping a powerpoint. It is however a lot simpler, and simpler is good. That is it's biggest advantage imo. Leading all pitches with one second takes a lot of thought if you're building belays with the rope, if you've got two seconds each clipping into each bit of gear when they arrive and trying to worry about stance management as well then why not just use a snake cord and have one clip in point.
2) It's super fast to put away so don't say it'll take ages to tie up, clip the ends, twist it up like a sling and clip it again. Either that or just make forearm length loops and tie a knot it in. There isn't the faff with a snake cord as there is with a 240cm sling.
3) You aren't carrying extra gear, you're carrying different gear. It also serves as a massive amount of ab tat which would probably be in your rucksack. If you're leading all pitches and building belays with the rope it saves you extra carabiners, if you're building belays with slings it saves you slings.
4) It's an extra massive sling if you need it.
5) it's easier to untie than skinny slings.
Despite not using them I don't really see why anyone has a problem with them.