Mine is the Galco version with the paddle that allows quick on and off the belt. I agree with most of the comments about this style of holster expressed above, and completely concur that it is not an all-around rig.
Cooper popularized this type of rig in the 1970s. He liked that when there was no pistol in the holster that it didn't look like a holster. I'm not sure why this was important to him. ("Just steppin' into the post office for a sec. Hold this for me, will ya?").
I would not purchase the paddle style of this rig in the future. Even with a good belt, it is not as secure as I would like. (As with any other holster ithe Yaqui needs a good pistol belt to support it).
Living in a rural area I have found it comforting to be able to casually access a sidearm on short notice, as when there is a knock on my door after dark, or when unknown people show up at any hour, or when an unknown vehicle pulls into my neighbor's drive when I know no one is at home there, and I want to check to ensure everthing is above board. Being discretely heeled is good, as law enforcement can be 30 minutes away. (Note: Being armed is to protect me, not property).
I originally felt a Yaqui slide would fit that need here. I have discovered (YMMV) that compared to Mexican carry at 4 o'clock with a good belt it is slower to put on, less tight to the body, less secure, less protective of the slide and muzzle and less concealable under a light garment. It is no easier to don an doff than an IWB paddle holster.
Pros:
Looks really martial artsy, Cooper liked them, paddle version is reasonably easy to put on, shows off the gun ("Say, is that a Wilson?"), fits any length of 1911 with or without a rail, the Browning HP and my CZ75. Good range accessory.
Cons: Expensive, slightly inferior (for me) to Mexican carry with a good belt, does not protect the slide and muzzle, can allow the gun to pop out with some types of seating. (It is my understanding that this is the specific reason that Milt Sparks in Idaho no longer produces this design, despite its popularity).
Does look good, though.
Edit: For the role you want I highly recommend the Milt Sparks 55BN. It has been the perfect all-around rig for my 3-inch Kimber, with about as little leather involved as the original YS. It does everything the Yaqui Slide can do except accommodate multiple barrel lengths, and does it better.