I personally love using it. It's awesome because new installs (dev, test, prod) can be bootstrapped very easily. Not only that, but it provides a home for the app as it grows and provides good entry points for those migrations that need to take place as you move from version to version of your application. Something needs to perform the alter/etc on dev, testing, and production servers.
Is it perfect? Nope. You can leave your db in a bad state, but that's why you have dev/testing/production versions of things.
Personally I use it to bootstrap my unit tests in pylons using an sqlite db for running unit tests against, but we use mysql in production. So there are some cross db platform advatages of using it.
