You could also use the sights for "one handed operation of the slide".
In my experience, both setups are ok.
And I don't want to get into a flame war, but the only "advantage" I see the regular setup having to the FLGR is easy of field stripping for some/most people. Personally, I can field strip some FLGR guns (there are different type of FLGR, 1 piece, 2 piece, etc) faster that the original setup, you just need some hand and arm strength to contain the recoil spring.
As for "fishing lures", some FLGR definetely change the balance and recoil impulse (I didn't say reduce recoil) of the gun.
We, as 1911 owners in general, praising the pistols ability, easyness and availability for customization; I don't think we should call one part that can change the properties of a pistol a "lure". It's perfectly ok not to like them, but if you think a bit before dismissing them you'll see why for some people they offer a valuable function.