Caveseeker's reply is accurate, although a little misleading. Here's a different perspective on it:
KISS orifice: adjusted PRE-DIVE via the 1st stage interpressure to just less than the rest consumption rate, so that the PO2 is slowly falling at all times. During the dive, PO2 is adjusted UP by manually adding a small amount to the loop as needed, say every 10 to 30 minutes. NOTE: the orifice and interstage pressure are tied closely; as the ambient pressure approaches 1/2 of the interstage pressure, the orifice falls out of critical flow (choked flow, sonic flow, whatever) and the mass flow is notably lower when ambient is at 60%+ the interstage pressure, requiring more frequent addition. With this configuration, the O2 level is "fail-safer" if you forget to check the PO2. Max depth without frequent addition would be around 150fsw, worse as you went deeper. I haven't dived that deep, so I can't offer any empirical advice. Gordon, if you're out here, feel free to critique my description...
With a needle valve, you're still running critical flow during the shallower portions of the dive, but since it's an adjustable orifice, you could reasonably expect to dive to twice the depth (or more). HOWEVER, it requires just as much attention to PO2, particularly at ascent. If you've tweaked it to account for depth or workload, then you have to tweak it back down as you relax and/or ascend or the PO2 will go too high. Your chances of oxtox are a lot better with an adjustable orifice if you forget to check often enough.
Unless you're doing a lot of deep dives, the orifice method is substantially safer for normal recreational depths, although more of a pain (frequent addition) at greater depths. You could probably take either mass injection system to 300fsw, but the KISS valve would be more of an annoyance down there.
Here's a few different sites with info about CMF (constant mass flow):
http://www.optimal-systems.demon.co.uk
http://gc.discussing.info/gs/f_gas_supply/pneumatic_system_construction.html
http://www.lenoxlaser.com/calculator/orifice.html