I own a kinetic (the 2012 PS+ version reviewed here) and can answer your questions:
I take it that the jacket has no pit zippers. -> Correct, no pit zips.
Do you use the pockets to aid ventilation? -> Yes. This was part of my reasoning for going with the Kinetic over the Pulse.
If so, do the pockets dip below the zipper opening enough to retain small items? -> The pockets extend about 4.5 inches below the end of the zipper track, and you don't need to have them open all the way if your goal is to aid ventilation. As the pockets are fairly deep, I don't think you'd have much reason to worry about items falling out in most situations.
Overall, I'm quite pleased with the jacket. Breathability is pretty decent and the jacket is a very functional minimalist design. Weight is a mere 231g for my unmodified men's medium. I agreed with Chris' assessment of the feel of the fabric on skin - it's pretty comfy for a WPB, not plastic-baggy at all. The hood is great.
One caveat: I find the cut in the shoulders is a little narrow compared to the shells I've tried from other manufacturers. I'd recommend interested buyers consider sizing up depending on the intended layering strategy - I have a 39" chest, broad shouldered, and layering a rab infinity down jacket underneath is a no go for me (although I do have room for a lighter weight insulated jacket such as my stoic hadron or rab xenon).