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psg1ben-
Well I've learned some things, which is no bad thing.
However, neither your example nor those of M_V have convinced me that a tool with a locating pin isn't the best choice for the majority of home-mechanics, servicing their own bikes.
Either way, the tools are cheap enough that you don't need to be a pro-wrench to have both in your box if you want!
Scilly.Suffolk
Can't recall ever having to deal with one of those: is it a MTB thing? Or are you thinking of a freewheel?
No doubt a tool without a locating pin will do more often than not, but anything that reduces the odds of me skinning my knuckles and/or burring someone else's lockring is worthwhile to me.
Certainly saves time over using a QR to do the same job.
Assuming it fits the axle, of course...