I use a plate filter occasionally and find that it works great. I haven't had any of the issues Robert describes, including oxidation. But the 5-7 micron filter pads won't cut it. Yeast are ~4-ish microns, so most of the yeast cells will slip right on through. You need the 1-2 micron pads to get really clear beer--but give the beer a lengthy cold-crash settling time first, and with fining, to get is as clear as possible, as the 1-2 micron pads clog very easily.
What's often overlooked with filtering at the home-brew level is the need to remove the paper flavor from the pads before using them. When people say that the plate filters lead to oxidation, I suspect that it's because people are tasting the paper flavor from the pads and mistaking it for oxidized beer. Acidity helps remove the paper flavor. I soak the pads in a strong star-san solution, not to sanitize them but to help remove this flavor. (A stronger acid would work better but star-san the best I can do. Commercial breweries use a combo of citric and nitric acids.)
I boil 3 gallons of distilled water, cool it and put it in a keg, then bubble CO2 through the water via the beer-out line to strip out as much O2 from the water as possible. I assemble the filter and push this water through the filter pads, tasting it as it comes out. You'll taste the paper flavor at first but it'll eventually go away. For me, this takes about 3 gallons of water. Then I'm ready to filter.
If it sounds like a huge PITA, it's because it is, which is why I don't do it very often. But I've never had an issue with oxidation or flavor stripping. I'm not saying these don't occur, I'm just saying that neither I nor beer judges have ever perceived either of these problems in my post-filtered beer.