I think it has its good points. You can spend a lot more time looking, its cheaper than a bar, and you're basically standing there with your cheesy mug on display 24/7 with your life story printed on a t-shirt (they send you to AA or the mental hospital if you do that in a bar), so you can weed out the ones who's tastes are too dissimilar without even having to talk to them.
Having said that I've not given it a try as of yet. It seems like I'm always either not single or now just isn't a good time for me to be looking. Take now for instance, I've recently found myself to be one of the many suddenly unemployed programmers out there. You know, what do you say when you get the question, "So, what do you do for a living?" OTOH, I guess since I'll be starting school next year (finally) "I'm a student". Heh
Sorry don't mind the insomniac's ramblings.