I think it depends on how much you inherit and what not. Definitely without controls is fine.
We use with controls also, but typically our application has many different views into database tables that are 1 of a few possible variations WRT the controls present, so we have a base form and several base "views". When creating new windows we select which of those views on the data we will use.
This is VS2005.
Yes, it certainly isn't pain free but with time the pains are pretty much gone as the base forms have evolved and smoothed the pains.