Hi Max, and Bruce,
To me, the primary value of cockpit cushions is when using the cockpit for entertaining or hosting a larger group aboard... But, when sailing with a smaller crew or as a couple, their value diminishes fairly quickly, IMHO...
On a boat as small as mine, they're certainly not worth the space required to store them, I can make much better use of that space otherwise... I've become a big fan of those reclining seats you describe, and they can double nicely elsewhere on the boat, or on a beach, or whatever...
My primary objection to cushions, however, is the potential danger they can present when under sail... If they're not very well secured, you really do have to stow them, few things can be riskier than stepping back into the cockpit from the high side on a boat under a significant angle of heel, onto a cushion... Especially those with a Phifertex bottom, those things can be incredibly "slippery", even on teak decking...
best regards,
Jon