You have to turn the key to off for a couple seconds to kill the engine, which isn't safe because the steering lock can engage. Then you have to put the key back to run so that it's ready to start once you let out the clutch again.
My concern with wear would be syncros when constantly going from N and back into gear, although I'm not sure if syncros are involved in that or not. Either way, none of the hassle seems worth it to me unless it was a very long engine off coast; like a minute or more.
Cars like the Prius essentially capture most of the advantage of pulse and glide by keeping the engine at an optimal load, and killing it entirely when power requirements are low. After having the Prius, I've got almost no interest in EOC or P&G.
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