I don't get out on as many club runs as I'd like to, nor on any Tuesday night chaingangs which I used to love, so my PoV is less important than others'.
It's very rare for me not to enjoy a pacers ride - and on the odd occasions where I don't it is usually down to either poor weather or just me personally having a 'bad day'. The club run serves a dual purpose for me - the social side, and the training benefit. It is the best opportunity for me to see how my fitness levels are in terms of medium to long distance riding, and I know that with a group I'll often push harder than I'm capable of doing on my own (especially on hills). I enjoy the social side too - and I've always found that there are enough lulls in the pace to chat, or there's an opportunity to chat at a coffee stop.
What is more important for me though - training or chatting? Generally the former - I don't race or do TTs any more, but I want to maintain fitness to a level that I feel I could do so if I wanted to. I miss the chaingangs, as they were really high quality hard intense sessions. If the pacers ride was at a slower pace and I was able to chat all the way round, I'd be less motivated to do it. On days where I feel less strong, I go out solo, or I have the option of joining the Amblers - but would do so on an understanding that I was going to ride more slowly, and it's primary purpose would be social. Given that I'd be looking for a chat, it wouldn't be in my interest to force the pace and annoy my would-be pals.
What I enjoy most is being out with riders who are stronger than me, so I have to dig in to stay with the group. My premise is that I may not be able to last the pace, but I will enjoy trying to survive as long as possible. It's usually obvious to me if the point comes at which I am going to be dropped, and I'll bow out gracefully. Sometimes I then discover that everyone else is feeling the pain, and the group all eases up (which makes me feel better!). I am comfortable with either scenario. I'm always grateful to the stronger riders who are prepared to modify their preferred riding speed in the interests of keeping a group together - there is, of course, a mutual benefit.
As a general rule the riding in the pacers group is smooth and considered, and most people learn quite quickly not to 'surge', but to concentrate on making the pace smooth and consistent. It is done very well on rides where someone takes control of the group - but this usually has to be a strong and experienced rider, who is also experienced in leading a group. In the lest couple of years I've had some really good rides where Uncle Steven, Vincent Thomas and John Edwards assumed this role (all with different styles).
I also accept that a part of the pacers ride will involve someone going out on a bit of a seemingly random attack - this may be for a Strava target, but more commonly is just having itchy legs, and wanting to test out how well you can ride and recover at VO2 max. As long as this is done safely, and is clearly signalled to the group (usually simply by the speed and suddenness of the attack) I don't mind it - there's no requirement for the group to follow, and there's generally an understanding that everyone feels the need to do this from time to time. Sometimes there is a more gradual upping of the pace from a rider having a strong day, but if this is too much for the group there never seems to much problem in shouting out for the pace to ease.
I like riding paceline best, for the reasons Paul gives. The ideal ride for me is where the first few miles are a warm up, then there is a plan that point A to point B will be ridden in paceline at the fastest pace that still allows the group to stay together, but from point B (usually around 10 miles or so from the end, or coffee stop) the pace will be increased, or attacks may be launched, and if you're dropped, so be it. If there are big climbs on the route, then it's good to agree that the group will split and come together again at the top or bottom. If there's a big climb near the end it might be decide that it's everyone for themselves - but I've found usually after such a climb, the group will want to come back together because everyone is tired and just wants to have a chinwag

One final thought - I love trying to get DQ'd on the Unreliability rides - these can sometimes be the best rides of the year!