TypeIV: I'm with you, but.....
Flying stone: use V/S, if you know what you're doing, otherwise stay with the speed modes (OP CLB / LVL CHG ).
On B767 (mid-90's) an FMC performance improvement package was introduced that improved the intelligence of FLVL CHG and gave less than full power for small climbs. It's what we had been doing via V/S. There was no stall protection in V/S and perhaps someone had wet their knickers at high level.
Going to B733 (late 90's) LVL CHG did not have this nice feature, so we used V/S for the many 1000/2000' step climbs & descents we received in NATS airspace. Then HOT discovered this technique was in use and banned it because crews had not been trained in it. Well, those of us enlightened LTC's had trained it, but it was not company-wide, so forbid it. It had too many risks?????
Now in NG there is mode reversion and low speed protection, and LVL CHG does not have the intelligent mode, so the enlightened ones gave the cabin a smooth ride during all those step climbs. However, that too became heresy, and it is VNAV or nothing until V/S is required for ALT ACQ in RVSM or high risk RA areas.
All caused because there were not too many 'who knew what they were doing'.
I think the DC-10 got caught out in a Boeing trap. They were in a climb in the DC-10 VNAV mode and went into ALT ACQ mode; they then were re-cleared higher, before ALT HLD, and selected MCP ALT to higher level. The climb mode then reverted to V/S and no-one noticed. Or something like that. It was an unawareness of the mode change, but the attitude, speed & V/S should have been a clue.