Region folding would be fine if I didn't have to manually maintain region groupings based on features of my code that are intrinsic to the language. For example, the compiler already knows it's a constructor. The IDE's code model already knows it's a constructor. But if I want to see a view of the code where the constructors are grouped together, for some reason I have to restate the fact that these things are constructors, by physically placing them together and then putting a group around them. The same goes for any other way of slicing up a class/struct/interface. What if I change my mind and want to see the public/protected/private stuff separated out into groups first, and then grouped by member kind?
Using regions to mark out public properties (for example) is as bad as entering a redundant comment that adds nothing to what is already discernable from the code itself.
Anyway, to avoid having to use regions for that purpose, I wrote a free, open source Visual Studio 2008 IDE add-in called Ora. It provides a grouped view automatically, making it far less necessary to maintain physical grouping or to use regions. You may find it useful.