Remember what I said above about cracks in headjoint and barrel. Almost every old flute you find has these cracks, because the wood cannot shrink with age with the metal lining. I'm convinced that introducing metal into the embouchure chimney is injurious to tone. For the small amount of variation we need these days, we can usually get away with pulling the headjoint out a little to flatten the instrument. Large holes give the biggest tone but require more air and a strong embouchure to get the best results.
Small holes are easy to play, rather like a whistle.
Tone can be sweet but not strong. Fine for playing at home, recording or playing over a sound system, but not very good in a loud session. I'll state mine. I prefer cork as I think is gives the firmest feeling joint. An advantage of lapping thread is that it can be replaced by the user.