We (financial/insurance) made the switch from semi-monthly to bi-weekly several years ago. Our data showed the bi-weekly model more prevalent across all industries.
Forgive me for digressing into benefits, but if you switch, I strongly advise retaining a 24-deduction benefits schedule. Have the first deduction cover days 1-15 and the second cover days 16-31. Suppress deductions on the third pay period of any month.
Although bi-weekly benefit deductions are the norm, we encountered several interesting issues. Most carriers consider membership on a month-to-month basis, and the bi-weekly schedule doesn't mesh well. Also, there are statutory monthly caps for pre-tax parking and other transportation benefits. The third pay period of any month causes problems for those.