Morse collets and 5C,R8 to name a few, and other similar collets, a dead length stop cap can be used to hold parts of a small variation on the spigot or against a shoulder , allow them to be processed at the same length. This can not be done with ER type collets.
Morse and similar collets can hold parts with only a small length of engagement and have the part running fairly true. This can not happen with ER series collets. With ER collets, you can have a spacer that is the same diameter as the shorter part being held, as plug in the back of the collet to assist in holding shorter parts, but will require some manipulation, (clocking in), to get running true.
With ER series collets, it is very easy to make your own odd side or stepped or shaped collet, without having to buy an Emergency or collet blank to do the same, so saving a bit of cash.
I have made what I call a sold ER collet. So is made with a shoulder inside the collet, and then drilled through the full length the biggest diameter possible for the part. Then I make the inner front diameter smaller than the part by the amount that I want it to be held by, usually about 0.02mm to 0.03mm diameter. The back of the collet is left solid and the front is split 8 ways through. These do work a bit like a 5c for holding short parts and do not require as much indication, compared to a standard ER collet. But the parts are required to be very close to the same diameter for this to be effective.
ER collet chucks are relatively easy to make, as it is an 8 deg taper and a thread concentric to the taper.
ER have the advantage of being a bit universal, so the one set can be shared on many applications. When buying ER collets, do get the better concentric ones, and not the cheapest available. I have got some cheap ones, and they were really disappointing junk.
If you need precision, and the parts are made to the nominal collet size, then the other options to ER is the better way to go, even though it means lots of collets. There are other collet chucks that instead of the collet being drawn back, have a sleeve that moves forward to close the collet, like the Myford collet chuck for example.
They do work well on nominal parts as well, and a high level of precision can be achieved with these , and can be turned in a single operation for the outer and the rear relief.
Neil