This is just a copy of my answer to Aaron in the first thread on this, but I am a huge fan of range names, so I am adding to the Yes vote, for the following reasons
Range names are not good, they are excellent, absolutely no doubt about it in my mind. They
a) make the spreadsheet more maintainable in that if a range changes, you only have to make that change in one place
b) they make the formulas easier to read. For instance
=IF(ISNA(myValue),"",myValue)
is immeasurably better than
=IF(ISNA(VLOOKUP(A1,$H$1:$M$100,2,FALSE)),"",VLOOKUP(A1,$H$1:$M$100,2,FALSE))
and that is a very trivial example of the power of range names
c) they can be used to protect formulas from change by unwitting users
d ) with worksheet names you can have the same name applying to different ranes on individual sheets
e) some solutions can only be achieved with range names.
The example given by brettdj is bad programming, not a fault of range names. If the range is dynamic, create a dynamic range name.
Also, range names can be used to setup constants in your worksheets. For example, I have a range name of VAT, with a RefersTo value of 17.5%, which means I can use formulae such as
much more descriptive, maintainable, and flexible.
There is a very good paper on range names at http://www.xldynamic.com/source/xld.Names.html