It's difficult to answer because I've spent time working in both a pairing-required and a pairing-optional setting. The best code I've seen isn't written in a paired environment. This is most likely due to the quality and discipline of the individual developers. When some of the coders aren't top-tier, partnering can be a good way to get your money's worth. However, if all of the coders are experienced, well-disciplined coders, partnering all of the time is a waste of money.
Carrying a pager is an experience I've experienced several times that has had a significant impact on my coding discipline and the quality of the work I generate. It impacts how I code when I have to support a system for which I develop. That is, I code in a way that prevents the pager from ringing. As a result, the product is of higher quality, and the code is usually of higher quality as well. I've seen coders who have never carried a pager produce more brittle code. They won't be able to comprehend or improve on it until they've been on support for a while.