Having used tubeless before I have not been a fan of them myself. However I do like the puncture sealants out there.
Sealant
Alex G - The solution exiting the tyre carries the particles that plug the holes. It is the medium that carries the particles. When the tyre is spinning so fast it should naturally coat quite evenly before it pools. It is not suppose to completely coat. It will only stop punctures from the outer tread surface, not sidewalls (too much flex) or pierce through the internal diameter of the tube (if running a tube or tubular) – centripetal force pushes liquid to outside surface.
I am currently using it on the tubes and luckily have not had a puncture to test its effectiveness. A couple of the other local riders have used it in their tubes and they have been very happy with the sealant in the tubes. It works just fine for them. Alex G - Surprised to hear you had balancing issues. Bad luck on that.
Tubeless
When it comes to pinched flats I’d be much more worried about the damage it would cause to the rim than the puncture itself. 80psi is still a lot of pressure (for me) and to get a pinched flat would demand a big whack (depending on your weight). Yes it will stop pinched flats but worry more about your rim. Eg. When in an MTB race I suffered a big whack running tubeless (running too low pressure) but I was able to keep riding. The rim however was a throw away. I personally try not to run too low that it would risk damaging the rim (especially a carbon rim).
The other way to get flats is through external object penetrating the tyre carcass (you just cannot beat those “angry” nails). You can purchase comparatively tubed tyres with better protection that would stop punctures (or heavier puncture strip option). A tubeless tyre is just a tyre with 3/4 a tube built into it but with a stronger non-stretch bead.
Rolling resistance – I never noticed any difference but it would be interesting to see some unbiased tests on this (not marketing). Given the fact that lower pressure on the road will increase rolling resistance the trade-off is from friction between the tyre and tube will give you a greater gain. My gut tells me this is more marketing, but hey, I can be proven wrong.
If tubeless works for you then great. If the puncture solution works for you then that is great as well (it works for me). It is just good to note the limitations of the goods out there and not exceed expectations. I still carry a lightweight spare tyre because if you are 30+km away in the middle of nowhere you really don’t want to wait for the next rider that may come along.
Tubeless rim tapes out there are probably the best way to convert and try tubeless for yourself without needing new wheels (just tubeless specific tyres, otherwise it will blow off the rim).
Jasann – You can install it on any wheel – just need an airtight seal (rim tape, valve and tyre). Try Mavic valves as well if it does not fit.