Same here: never seen any benefit since NTFS/WIN2K was introduced. Still, if at some point you migrate to Windows 7, it will do it for you in the background, for your peace of mind. Not at all a significant benefit in real life, I think.

I too used to have fun whatching defrag progress, in the days of FAT/FAT32. For some reason. Certainly I don't miss those days, though.