Count me out of the loop knot crowd. I found the knot to be much weaker than a palomar knot, and it makes the line visible to spooky fish. I'd prefer to have a compact barely visible (palomar) knot at the head than a big knot and loop. I believe choice of materials and fly design puts life into a fly not the terminal knot so the minuses outweigh the plusses, at least where/how I fish.
Per action from the loop I am not convinced it is meaningful. I seem to catch fish fine without it. I also fish tube flies a lot and not only do they hook fish, but they hold the fish much better. The body of the tube is perfectly in-line and there is no swivel point involved. Doesn't seem to affect the hook-up ratio at all.
I also fish the double turle on loop eye flies. The loop knot is just weird on loop eye flies tied on classic salmon hooks. I seem to hook my share of fish on the double turle, another in-line knot without a loop.
The only conclusion I made from fishing a loop knot was a noticeable loss of strength in the knot when pulling out a snag, and an occasional loss of a large fish when using lighter tippets. I have abandoned them entirely, but who knows I could be missing something... or not.
Back on topic, wobbly flies are cool... this gives me a lot of ideas for flats flies!