Like Mooh. Definitely not using two fingers, nor a fist! Plus, even tho' I use a large pick (Jim Dunlop orange) only a little bit projects. I hear and see some who use a bigger projection (no innuendo, please!) and it seems it creates a bad sound, and wrecks control.

Another advantage is that it makes damping the strings with the heel of the picking hand easier for those percussive effects.