Peter, pins allow you to get an ultimate drag free dift for pretty long distances. You usually keep all of your line off the water with an exception of when the float gets a fair ways below you. You could call it an "ultra" way of nymphing but its closely related to standard gear fishing, just with a funner curve. A 10' bug rod could do but will no way allow you to get a more natural and longer drift than a pin.
Peter, I've been looking into pinning. The cool thing about the pins are they are 1:1 gear ratio just like a fly rod. Most have no drag except a clicker. compare that to a standard gear or spinning outfit, and it is a whole lot different. Lot more skill needed to cast and to land fish with the pin outfit than with standard gear. NO, it's not flyfishing, but could be if you put a fly line on the pin. I guess it would be the same thing as indicator fishing.