I'm a newbie to hairsticks, and I'm waiting for my new ones to come in the mail.  But I thought I'd mention what I'm using in the meantime.  It's called a Bandostick, which is a hairstick with a hole on top, and an elastic holder threaded through the hole.  They range from $20 - $60 but you can get an inexpensive one made by Scunci for $3 if you just want to try it out. 

Ted Gibson's Bandostick
Scunci's version called the Hairdostick

The instructions tell you how to secure a bun, chignon, and french twist.  In all honesty, I have never gotten the chignon to stay.  But, it holds a french twist really nicely!  I like wearing it when doing housework and working out.  At the end of working out though, it is a little loose.   And it does take some practice figuring out how to get styles to stay.

With some creativity you can use it as a tool.  You can loop the elastic to the part of your hair you want to knot, and use the stick as a sort of giant sewing needle (similar to how the Topsy Tail works.)  Also, I have gotten it to work like Scunci's Pony Wrap Tool.

PROS:
- holds some styles more securely than pins or elastics
- nice to wear while doing chores.  Can also be used for going out (tho I think I'd prefer regular hairsticks)
- don't need any bobby pins
- versatile - can be used as a holder or a tool
- supposedly works for all hair types, but I don't know by experience since.. I only have my type :-)

CONS:
- if the elastic is used on the outside of your hair (as in a french twist), it doesn't look as nice as if you did the style in pins or sticks. 
- elastic MAY stretch (I haven't had mine long enough to find out) and it doesn't look like there is a way to replace it.  You'd just have to buy a new one altogether.
- definitely functional but lacks in form.  Not that aesthetically pleasing.

All in all, I'd give it a 3.5 out of 5 (5 being the best).