We're still relatively new to T1D (9 months in), and not pumping yet (hopefully that'll start in early 2014).
From what I've read about pumping, one of the major safety downsides is interrupted insulin flow (kinked canula, tubing, etc). Since only rapid-acting insulin is being used for both bolus & basal insulin, things can start to go very bad in 4-6 hours, ketoacidosis if the insulin interruption is long enough.
One the other hand, a decent safety feature of long-acting insulin (eg. levemir) is that in a 24-hour period there is almost always some insulin working in the body, and will reduce the chance of ketoacidosis.
So, what if the insulin regimen combined long-acting insulin (once a day via needle injection) with pumping? The long-acting insulin provides a "baseline" minimum insulin level, and the pump provides bolus insulin and "tops off" the basal insulin needs. You'd get the flexibility benefits of the pump, combined with some of the safety of the long acting insulin.
With basal increments via pumping being very small (eg. 0.001 units with the T-Slim), it should be possible to get very fine control.
I know the above might sound a bit crazy, but what's wrong with the logic? Do practical considerations invalidate or outweigh it?