I've seen too many cases of "Small Boy With A Pattern" syndrome. It usually strikes hardest just after a person has read the GoF book for the first time and instantly runs off to see how many of them they can fit into the project they're working on. (Extra points for cramming all 23 into a single project.) They end up with a system that's engineered within an inch of its life and impossible to understand or modify.
Eventually the fever breaks and they settle down enough to use them appropriately. But the damage can be great.
The cautionary tale is the "Core Java EE Patterns" book. It lists a bunch of stuff that addresses "best practices" for EJB 1.0 and 2.0 that are now considered anti-patterns. The EJB 3.0 spec does away with a lot of them. Spring is killing the rest.
Patterns have had their day in the sun, like UML. But the sun is going down on both. I don't think either one has saved the world or delivered on the hype.