I've never used PFS, but I've heard good things about it.
I use SFS on 8 partitions and FFS on 2 partitions (a 20GB HD :-D). I've kept Workbench and my documents on the FFS ones. So far I've not had any problems with using SFS. I've had a few Guru's while writing to an SFS partition, but it's been fine after the reboot. No need to use WaitVal ever again for those partitions, it's great :-D
Just to make it clear
HD1 and HD2 are FFS
HD3 - HD10 are SFS
Under OS3.5 I could only see HD1 - HD4
Under OS3.9 I could see them all.
I think that's the fault of OS3.5's SetPatch.