The only place the screw type is used is for parking brakes. Yes it does eliminate the small drum brake inside the rotor but they are not as effective as the drum, tend to corrode and jam and turning the piston can damage the seals when rotated. They require no manual adjustment because the screw mechanism is designed to adjust for pad wear and the pistons do not rotate in normal use.
And as a side note… caliper pistons do not use O rings to seal. They use square section seals because they and the grooves are designed to pull the pads back when the brake is not applied to reduce drag for better fuel economy.