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At my University, they do not use a +/- system. I just graduated a week ago, and looking back, my grades "worked themselves out" as to where my cumulative GPA was not hurt by the absence of a +/- system. For example, I received several B+'s and was disappointed at the time that they each only counted as a 3.0. However, I also earned several A-'s and received a 4.0 for each of those.
In theory, I think a +/- system is more fair, but I understand how those with difficult, science related majors are at a disadvantage in comparison to the general student population.
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