A closet with two leaf bi-pass doors will at most have half the closet exposed at a time.

Yes. We have bypass doors in our mudroom. They are required as the closet is in a hall and the doors would block the hall if they opened out. It's not ideal (see Mark's response) but it's better than a curtain.

Growing up my sister and I had this type of closet door -- the "can only see half the closet" never bothered me, but it was a wide closet, maybe 6' wide /two 3' doors. I think it'd be less functional on a small closet.

A consideration: a wide closet "eats up" all your wall space /gives you less space for artwork.

We do. Our house was built in the early ’60s. It works just fine in our front hall closet. In our back hall closet, it saves space but the doors are bigger than the openeings, so they don’t even expose one full side. Actually, nearly all of our two-door closets have bypass sliders. Just a linen closet and one bedroom’s small closet have swing doors, and a good thing because they are small enough that half an opening would not be very accessible at all.