Young whippersnappers don't seem to know how to take notes--so going with no slides is tough. Students cannot go back and review the lecture to make sure they understood key points. I'll use this method for teaching skills--e.g. calculating NPV in Excel--but not for introducing terms & definitions.
When I've used minimalist slides, I get a bunch of students complaining that there isn't enough detail. I think the lectures are more entertaining and engaging, personally, but for students who want to be able to review the material in preparation for an exam, minimalist slides aren't the best. Think about your average Discovery channel show. The shows are interesting and engaging, but if you had to explain everything to a friend later on, or had to take an exam on the material presented, how would you do? Without watching the whole thing over again, it would be hard to absorb all of the material.
I hate delivering the text-heavy slides to classes--I often want to skip over some points based on the flow of the lesson, but the doing so might cause confusion later on. Students will ask if they have to know that stuff for the exam.
Anyway, they key takeaway for me is to listen to the students and adjust to what they prefer, but not to ignore well-studied pedagogical best practices.