The Avenger style of holsters are great, classic holsters. I've had some Avengers and still use similar holsters from other makers (Sparks 55BN and Rosen RRR) and with the right belt they conceal just fine.
I have to say that I sort of "feel" that I conceal a bit better with a pancake, but have no actual data or results to prove it. It may be nothing more than the blended front end of the pancake reassuring my subconscious, whereas the Avenger does have a more abrupt, blunt front end. FWIW, this style of holster is typically described as a sport, practical or range holster by many makers, though I know plenty of people, including me, who use them for concealment. And of course, the key selling point of this type of holster is the reinforced mouth which will never close or collapse on you like some pancakes do.
The only thing I don't like about the Avenger is that the belt slots are 1.75" and I like my belt and holster to match perfectly for best stability. That's one of the reasons I buy them from the custom makers now.