Counterpoint: .mac isn't all bad
Adam's post on .mac has certainly stirred up the Apple community. While I think he made several valid points about questionable aspects of .mac, I think it's only fair to offer a different look. First, as a point of disclosure, I should admit I'm not the biggest .mac either. I've had my .mac email address since the days .mac was a free service, and I still feel that's the best strategy for Apple. That said, it's not a complete waste either.
Adam is correct in saying that you can re-create most/all the included .mac features with free programs and services. However, we're Mac users: we're used to, and probably in some cases, prefer to pay more for someone taking the hard worked out of things for us. The value in Mac OS X, for example, comes largely from the simplicity it offers compared to Windows. .Mac, bundles several services that people may not want to take the time to configure on their own. Some people (many, perhaps?) don't want to spend the time setting up a gmail account, then hop to godaddy for a hosting plan, and off to another site for remote desktop management. I believe there's an argument to be made for the .mac integration of iWeb, iPhoto, etc. Yes, most of these functions can be duplicated with other solutions, often for free. Flickr, for example to share your photos rather than .mac/iPhoto.
It's not so much a matter of whether .mac is worth it, as much as is it worth it to you. Apple could do a lot to make .mac more attractive to a larger portion of the Apple community. But as it is, it certainly has value to some. As Google, for one, continues to integrate different services together online for free, Apple will be forced (hopefully!) to keep pace, or innovate with .mac. That's perhaps the major flaw of .mac: it's a service that once was innovative, and offered features that couldn't even really be benchmarked against other services. Since then, the rest of the web has caught up, and passed .mac, at least in the "bang for the buck" category. .mac isn't worthless, it's just not a wise choice for as wise of a market as it could be.