When I asked Tony at Black Boar about the purpose of a piloted joint, he explained it to me like this.
If the joint is flat faced, on an off center hit, where the cue is forced to bend some, the joint faces will separate for a moment. It is a microscopically small separation, and lasts a very short time period, but creates an artificial flex point (nodal point) in the cue, which is undesirable because the cue should act as one solid unit. A tight compression fitting pilot does not allow for this separation.
A piloted joint without that tight fitting pilot does no good whatsoever.
Its not about feel, because both types of joints will provide sufficient feedback. Its about the cue flexing as two separate pieces instead of one.