There's a good explanation of what's involved in clutchless shifting by Paul Dean in the current (OCT 2011) issue of Cycle World (page 66). He doesn't actually say anything that hasn't already been said in this thread, and he supports both sides of the argument, but somehow it seems more authoritative coming from the pages of CW.
Incidentally I accidentally performed a perfect clutchless downshift recently, so I've got to admit it can be done. I got a bit hurried between turns and did everything I would normally do including blipping the throttle, but I didn't touch the clutch lever. I'm not even going to try to do it again, which makes me a little bit concerned that my spirit of adventure is lacking, but no, if you read Paul Dean's explanation of what's going on inside the gear box it should be apparent that ignoring the clutch makes timing much more critical and will increase the frequency of botched shifts.
I have a book on race car driving technique by err?....some famous French driver who's name escapes me, and he recommends to use the clutch because even though it won't provide any benefits in a single race or even a season, it will over the course of your racing career. Well, you might not be racing but you are probably still interested in avoiding destroying a gearbox in your Commando riding career.
Cheers! ~ Gary