My opinion only, and worth exactly what people have paid: The powershift is a good blend of traits to cover everything. Like most compromises, it has drawbacks and benefits. I see it as an advantage over a regular transmission because it provides flexibility in ground speed on the fly, and a much quicker switch between forward and reverse gears for loader-type work. Benefits over hydrostatic drives are that it puts power through more efficiently, and doesn't require constant operator pressure on the drive pedal.
Negatives compared to a standard transmission are that they are more complicated and thus expensive, both initially and to repair, and are bulky in the operator interface (since there needs to be two separate controls, but one needs to be accessible easily), and requiring a free hand to shift up or down.
Drawbacks compared to the hydrostatic are that it doesn't provide nearly the smoothness or range of ground speed. It's mechanical, so is clunky, and requires a hand to move. On a hydrostatic, one foot controls the direction, and can be precisely tailored for optimal speed. Loader work is more efficient with the hydrostatic, along with mowing and other fine tasks.
The little bit I've tried a hydrostatic for field work (plowing and disking) I don't like it any better than a powershift. I like the ability to optimize the speed, but I don't like having to keep my foot at the same spot all the time. Efficiency for any use I have is negligible, in all honesty.
Without a powershift or HST type transmission, my 186D would be bothersome to operate. It needs the ability to downshift in order to pull any amount of incline or increase in load. The engine does not have enough torque rise to pull it through. On my YM2000, I select an overall speed with the gearbox, then fine tune it with engine RPM. It may clank more or louder with varying loads, but the engine is so flexible it doesn't really matter.
As far as how it varies, it's the difference between driving a manual car (powershift)and an automatic one (HST). If you're adept at rowing gears, and used to it, it's not really a drawback, and you'll appreciate the advantage and flexibility with the interactive driving experience. The hydrostatic is most variable, but feels like a less involved driving session once you're adapted. One thing I don't like, but that is model-specific, is that on Kubota machines that I've driven it's tricky to impossible to use turning brakes at the same time as manipulating the drive pedal. Apparently John Deere machines, and maybe others, address that problem.