I've been on a 29er single speed for about a year now. Absolutely love it. There are some 29er myths that need correction:
Myth: 29ers don't work on technical trails.
Truth: They actually work great on technical trails. As long as you can keep even modest forward motion, the wheels want to roll over everything. On techy climbs, that front wheel seems to want to hold a line really well and resists deflecting off every obstical.
Myth: 29ers are for fast fire roads
Truth: 29ers maximize even slow speed momentum. They work great on tight, twisty, technical single track as long as you maintain at least a walking pace. Their advantage is almost LESS on fire roads.
Myth: 29ers accellerate slowly and descellerate rapidly in part due to the additional weight.
Truth: Bunk. Lab studies have proven that the small added weight in rotational components isn't a big deal since bicycle accellerations are so small. i.e. 2mph to 7mph and not 0-60mph. Those big wheels will reach speed as quickly as 26" wheels given the same wattage input.
Myth: 29ers handle like dump trucks
Truth: They can handle great, but you have to be VERY careful which 29er you get. The tail end on many 29ers gets long and you end up clipping your rear wheel mid/inner turn. Short stays are critical on a 29er to keep the handling tight. Most full sus 29ers get a little long in the tail so that does make for a truckish handling bike. Not many people make a tight rear end on a full sus 29er.
Myth: 29ers have less traction
Truth: The inverse is true. The larger diameter actually increases the footprint of the tire by 8%, primarily in length which gives 29ers fantastic traction. You feel that on hard pressed turns and as the rear wheel hooks up.
Myth: 29ers are for big guys
Truth: Several guys I ride with are sub 5'10" and rock out on 29ers.
Myth: 29ers put the rider too high
Truth: That's just BS spawn by people who don't understand frame building 101. The BB height can be as high or low as a 26" wheeled bike.
29ers are awesome. I've been racing XC for 20 years and 29ers make for fantastic rides. One thing to mention - 29ers love momentum, even at 2mph. As such, a single speed in a 29er format is a thing of beauty. The one gear forces you to maintain proper riding finesse and to hold momentum. Those wheels love that.
Drawbacks: Sure, with all things there are compromises. If you like big drops, huge hits and frequently need to launch over large logs, rocks or old ladies, those wheels do feel pretty earth bound sometimes. The slightly longer wheel base makes the front wheel a little heavy. I wouldn't take on Vancouver trails with a 29er, but for fast, technical single track.....29ers rock.
I love mine. I'll never go back to 26" hoops. Just think of 28" tires on a Jeep vs 33" tires. Bigger wheels just roll over stuff better.
Now this is my opinion - Best inventions for cycling during my 22 years of racing: Clipless pedals, suspension forks, carbon fiber road wheels, 29 inch mountain wheels.