When I first started smoking pipes I wouldn't even look at a rusticated or blasted pipe, it was smooth or nothing for me! Now I enjoy pipes of all finishes.
While I do agree that rustication and blasts can be used to hide blemishes, I also agree that some pipes are designed with the same in mind before the briar is even chosen! For instance, I really doubt if took a high quality rusticated pipe, such as a Castello, Caminetto, ect., down to bare wood, that you would find major flaws. Same goes for high end blasted pipes such as Rad Davis and such. If you think about it, it takes a lot more work to achieve a good rustication than a good smooth finish. I for one, also greatly enjoy the feel of a rusticated or blasted pipe in hand, and I also believe they smoke cooler to an extent ( I'm not alone in this belief ).
I continue to buy smooth pipes, but I admit that nowadays I lean ever so slightly towards rusticated and blasted pipes. Although recently, I've probably bought more smooth pipes than anything else.