Personally, I like the spell component pouch,..not that I ever really use it, every time I reach for a component it's coming from a concealed pocket in my wizards robe somewhere hidden or up a sleeve etc.
I am currently playing one gnome illusionist inventor who is also a traveling stage magician known as Jamril the Magnificent. His turban,... yes you heard that correctly, has the equivalence of a haverds handy havesack effect in which it is an inter-dimensional pocket that automatically produces any item that is in the hat that the wearer is looking for when he reaches into the hat.
One of the many uses have included for example stashing his 20 foot collapsible ladder, for some reason the library caretakers always place the most valuable books on the top shelf,.. I swear it's discrimination I tell you.
Another great thing it's useful for is holding all of his components. Anytime the little gnome reaches up to scratch his scalp hes probably palming a component to a particular spell. :D
I suppose what I am trying to say, is the only real use of the spell component pouch in my opinion is to show,.. ok my guy has the components he needs, sort of a one stop shop to say he's covered. As far as using the pouch itself,.. meh I prefer more unique roleplaying flavor for components.
Now, the Eschew Material feat, personally I consider it a waste of time while it is true someone can snag your component pouch,.. well unless it's cleverly hidden through use of roleplay flavor :p most components for vital spells can be obtained on the fly. For instance Mage Armor, an invaluable spell for keeping your mage alive for a few more hours with its 1 hour/level duration. Cut a thin strip of leather from your backpack or from an old set of leather armor, etc. Sand for sleep, escavated earth for escavate... pick up a handful of dirt and drop your opponent into a 50 foot deep hole in the ground. Otherwise, a lot of the spells have only verbal and semantic components or even only verbal components. IMHO It is much more useful to invest that extra feat into something else.