Strange, that they are dropped from D3D and still existent in GL3 (~D3D10) and GL4 (~D3D11) (yet another feature of GL not in DX, yeah

).
Regarding the flexiblity: At the moment you cannot control the primitive type on the user level, Horde allways uses quads (but I see what you mean). Ok, the size could be a problem when using very large particles, like explosion sprites or something (not the usual dust-sized thingies). That would also be the cases where viewport clipping makes problems.
It was just a thought experiment, I understand your arguments. But the current framework looks just a bit odd, with those indexed uniform arrays and the corner array and this whole batchification. Perhaps sometime a texture buffer or a geometry shader based auto-quadification (perhaps the reason for dropping them from DX) could help make this whole framework a bit cleaner. Or maybe the use of instanced arrays (drawing many same quads and increasing the particle data buffer index per quad). But I think all this could set a bit high hardware requirements (although Horde3D considers itself a next-gen engine). Who knows.