I'm learning to do this:
On the ground: follow, execute and interpret the checklist as written by the flight school (I checked it with the checklist on the POH and they are mostly the same).
In the air: mostly flow and, when time allows, use the checklist. CFI, however, wants me to always be prepared and read the checklist even after I do "flow-based" sequence of events.
I like the flow-based checklist because it force me to understand what I'm doing and the reason for the flow. It's also faster. But, I think I am less likely to omit something if I do a written checklist or, if time allows, at least double-check the flow-based checklist with a written one.
For now, in flight, checklists seem like a chore and something that calls on division of attention (and for now can't chew gum and concurently learn to fly very well - but i guess they're inseparable).