[FortePenance]

I usually hold my pick parallel. But now I'm using Big Stubbies with rounded edges so I hold it more at an angle and still manage to get a smoother sound.

[rockitsauce]

I also hold mine parallel pretty much. It is just the way that I learned acoustically and I play clean most of the time and it seems to work out for me. I cant chug that well like that for metal but clean sounds bad IMO with a large angle between pick and string. Plus I can really dig in better with less angle when I want emphasis. Maybe it is slower, but I feel I can get more note definition that way.