I must admit this is a subject I have given great thought, but rarely entered into any debate on.
Bob - your post there is very interesting indeed, but substantially technical - I'll save that for when I can properly digest it.
I have heard so many arguments either way.
The likes of Andy Sparrow will tell you that the shock load of even a small fall factor on SRT rope would injure you or at best be most unpleasant.
I mostly see people lifelining using climbing rope (10.5mm on average I would guess) as I mostly do myself. This is mostly down to the overall influences of those around me. Our club's tackle store has plenty of climbing rope for lifeline, and whether it's deliberate or not, that is what inevitably gets used for lifeline.
But - I know of people within our club who will say (as posted above), that SRT rope is the correct rope to use, and that correct technique means that there wont be any slack in the line in the first place.
I've not fallen on either, but if I had to choose - well I'd go for a fall on climbing rope. I might be wrong, but right here right now - and considering all the conflicting opinions I've heard on this subject I'd go for the "more shock absorbing" option.
I've allowed myself to come off a ladder so others can practice lowering me off - or just to feel the weight. Now, I like most others (well, on the mendips anyway) are going to be dangling by a belt at this point. Once I've been doing this for a short period i'm not comfortable. Now, I try to imagine what it would feel like actually falling with even a small amount of slack onto a belt around my waist - I'm not optimistic that it would be fun in any way shape or form.
The main arguments against dynamic rope that I have heard would go along the lines of :-
(a) Dynamic climbing rope doesnt wear anywhere near as well as SRT rope (easy to avoid, just replace the rope more often!)
(b) A fall near the bottom of a long pitch will simply dump you into the floor due to rope stretch (especially if the lifeliner is at the bottom of the pitch, so double the rope length!)
Perhaps some thoughts from people who have actually taken falls on either type of rope ?