I have a Pfaff, and used it extensively when I made skating costumes and the like. Sure, you can overcast and trim the seam, but it's slow and not nearly as neat looking as a serged edge, in my opinion.
Get a pair of long tweezers, with a bent tip, to thread your machine, it really helps. I've also backed off the tension dials, knotted on new thread and pulled it through, and re-set the tension dials. Works great, and as others have said, doing it this way, you seldom need to re-thread the machine.
Goodgle The 6 hour quilt, it is done on a serger.