Well, I took the plunge and began the Brethren Socks. After studying the pattern and trying to visualize how things would be different using magic loop knitting, I decided to just forge ahead and see what mischief might befall me. After a couple false starts and a few hiccups along the way, as well as encouraging words from Crafty Andy, things went along pretty smoothly. I ended up changing to DPNs to do the heel, turning the heel, and the gusset. Now I am back to the circulars for the foot. I still don't like DPNs, but my head just couldn't make the transition to the circulars at that point; something to work on with a simpler pattern. They are just so damned fiddly. I think that's why some of the stitching is a bit uneven in spots.
Here is a picture of my progress so far.