No problems with no transponder.
You ask for the clearance. They invariably clear you first and then ask you to squawk. You reply "negative transponder"
.
A number of times I have come across zones where they have primary radar switched off so they can't see me. I might have to do a bit more position reporting but it's never been a problem.
I would quite like to have a transponder but the current situation does not encourage the purchase of Mode C knowing it will have a short life or Mode S knowing the rules might change and the price come down before it is mandatory.
And as a PFA type is restricted to daytime VFR it's by no means an important piece of kit.
Come to think of it most of the GA fleet restricts itself voluntarily to daytime VFR does it not?