I actually feel more uncomfortable playing without protection with the looming threat of a serious injury.
Most of the modern protective gear are made so well they don't significantly hinder players movements anyway.
I agree. Even with padding injuries can occur, but it's all about reducing the risk. I know I'd be able to move around a little better and I know my shot would probably be better, but I also think my physical game would suffer.
Outside of drop-in, I don't really trust guys that don't play with full gear. From my experience, guys that don't wear shoulder pads constantly want the puck, but will not do whatever it takes to get it (go to the corners, take/deliver a big hit) and generally end up being perimeter players.
That said, there are exceptions to every rule and I'm sure "doesn't wear shoulder pads guy" is going to tell me that he's the beer-league Gary Roberts, but I'm just calling it like I see it. I'm not saying I'm right and you're wrong, I'm just trying to stay off of the IR so I can keep putting food on the table.