I've been using Woody Pet covered in a layer of newspaper, and then fleece. I LOVED it. The fleece covered the roughness of the pellets, and the newspaper enabled me to quickly raise the fleece (no pellets sticking to it) to shake away the poos etc. When I did so I'd do as the pkg. sd., and just stir the pellets around to redistribute the moisture. I had one $5 bag of pellets in there for TWO MONTHS (!!!), and I'd stick my nose down into it....absolutely no smell. (of course, at the time, that was just with one pig)
Obviously, I'd have to wash the fleece a couple times a week, but the pellets...NO smell. I can't believe they're not a more popular option.
The fleece still didn't always wick away the moisture as much as I'd like, though, so I just got in my order of palace pet bed (YAY!), and plan to use that over the pellets. Being able to vac away the hay and poos, with the absorbancy of the vet bed and then the pellets...I'm thinking this will be as close to perfect as the bedding issue is going to get!
(this is just cuz bizarre circumstances gave me the extra money to order the vet bed!
To answer your question, I don't know about using the pellets by themselves, but with the fleece on top, it was better than anything else I'd tried! And since shaking off the poos lengthened the life of the pellets *considerably*, I think it would be quite worth your initial investment in fleece.)