Excellent discussion, guys. There is no doubt that an unstitched hollow-braid splice can creep apart in use, though I must admit I was dubious when someone first mentioned this to me. The interesting question is how does this happen? Right after I became aware of this issue, and when I still wondered if it was true, I rigged up a brand-new hollow-braid splice and very carefully placed ink marks at the splice throat so I could detect any creep. I then attached a footloop very close to the ground so I could comfortably step in the loop to load the splice. I loaded the splice 500 times over the course of 20 minutes or so until I was exhausted.
There was not the slightest indication of any movement of the splice. I was about to rush into print with this result but on a sudden hunch I took the same splice, which had not been distubed in any way, and simply bent it back and forth about 40 times. I was shocked and amazed to see the core had crept out a full half inch!
I repeated the bending experiment later with a different type of cord and again noticed some creep, but much less than with the first cord. I have also noticed the problem with locking Brummels that rfwoodvt mentions. I had just finished a brand new Ice Tail eye with locked Brummel and standard bury. Before I made the first stitch, for some inexplicable reason, I decided to bend the throat of the splice. The insertion point was on the outside of the bend and the bending action simply and immediately levered out a short section of bury, leaving a permanent bump and a slight bend. Of course there was no fixing it and I used it for about a year before I simply couldn't abide looking at it anymore. I took it apart and respliced it without the Brummel. Now it is pretty and symmetrical and straight and will always stay that way.
From a practical point of view, creep does happen and stitching prevents it. From a theoretical point of view, I doubt if it is ever due to simple loading but if it is I would be very interested to know it.