I have to say i find pleats a far more effective method than the stitching route.
Problem with the stitches i find is that if you catch a thread with your brush and the thread snaps then there is no way back really as the shape starts to disappear or become distorted.
This has happened to me twice before and i know some other guys on different forums complained of the self same problem.
Good pleats are totally undetectable,especially when Swiss lace is used.
Tims problem with pleats comes down to cutting up a stock piece,which are generic in design,so he loses some if not all of the pleats and so his piece becomes distorted.
Don't really know any way around that problem apart from making your own pleats or getting stock that has the stitching method?
I have never recieved a piece yet that has the lace pre molded but would sure be interested in knowing where to get them to give them a try as that sound an altogether far better option.