[If a collet is going to spin due to aggressive cut wouldn't an end mill holder do the same?/QUOTE]
Yes, but you can tighten up a end-mill holder a lot more than you can a collet without damaging it. So a end-mill holder should take a lot more force before spinning. I was taught in my tech school machining classes to use end-mill holders for heavy cuts. Collets are meant for lighter more precise cuts. What is a "lighter cut" ? Depends on your machine, material, DOC etc. For example: I've got a plain jane Bridgeport Series I ( 1HP) and R8 spindle. I have several coarse roughing end-mills (3/8 & 1/2) in end-mill holders for removing material quickly. I can hold them tighter in the end-mill holder than I can in a collet. Saves wear and tear on my good Lyndex collets and end-mills for when I get close to final dimension. I do have a few old R8 collets that I don't mind abusing if necessary. But either way I don't want anything to slip and score the inside of my spindle. When using the roughing end-mills in the holder I only push them as fast as the machine tells me (chatter, color of chip, etc). So in summary you can grip a end-mill tighter in the end-mill holder and tighter in the spindle.