Here's a couple things to consider: I used a CFC for several yeast before actually switching to an IC. I like the IC a hell of a lot better. First, it is way, way easier to sanitize (slip it in last 20 min of boil - DONE!) Second, you can cool while you are lettting hops and trub settle - otherwise, with the CFC you have to let it sit for 10-20 min. at close to boiling temps and you are utilizing hops, changing your BUs and - if you have the kettle covered - trapping SMM which converts to DMS. Which you don't want. With an IC, you can simply stir a few times and have your wort cooled past the "danger zone" of SMM and hop utilization usually within 2 - 5 min. depending on your water temp, maybe 10 minutes during dead of summer.
As for you CFC - you are going to probably need a pump to utilize it properly. But if you do have a pump you are better off recircing with an IC anyway. So, a CFC is (IMO) no where near as good as an IC anyway!
I'm going to respectfully disagree
First of all, commercial brewers do a hot whirlpool for at least 30 minutes, so I think this whole "chill your wort right after flameout for best results" thing is bunk. Not only does this not harm their beer, but some recent experiments have shown the importance of this hop "stand" for aroma and flavor in hoppy beers. Search for hop "stand" for more info (or go here: http://forum.northernbrewer.com/viewtopic.php?f=28&t=76188
). Matt from Firestone Walker also mentions on the Jamil Show that they get significant aroma AND IBUs out of their whirpool addition, and they make a fantastic IPA.
As for the rest of your comments, it all depends on the logistics of your setup. If you have a good height differential between your kettle and the fermenter below it, you can absolutely use your CFC without a pump. If you have a pump, you can recirculate the hot wort to sanitize, but there's no reason you have to recirculate once you start chilling. And you have to sanitize the pump anyway... it's free to sanitize the chiller at the same time. I've upgraded to a plate chiller (a similar type of heat exchanger), and I get within 2 degrees of groundwater in one pass. I prefer not to recirc, either, since it takes longer.
YMMV in terms of how easy/quick it is to sanitize and chill in your system, but there's no reason the immersion makes better beer.