I've never learned to knit in the round, but I've been meaning to. But frankly, double-pointed needles seem a bit unappealing to me: they're unwieldy, and I would have to buy whole new sets of needles. So I decided months ago that I would learn to knit small-diameter items on long circulars.
Finally, I followed through. I'm doing magic loop, and I love it! For one thing, I only had to buy a new cable to go with my Knit Picks Options set, which is great! I would much rather buy a $6 set of two cables and be set to knit with whatever needle size I need.
But really, it's kinda fun! And it's easy to keep track of the beginning of the round, since your knitting stays in two halves. I'm making the leg warmers out of One Skein, and it's turning out great. I'm incredibly slow (no news there), but it's great.