It feels like a hotly debated topic, even though I think the community is warming up to it. I myself used to think it was a terrible idea, but my old playgroup was in a massive arms race, so I think that influenced it. These days, I proxy a lot. Wizards hasn't exactly made it easy for me to justify the expense of Magic.
Anyway, this is just an excuse to show off some proxies I made for my Jund Elves Aristocrat deck. I thought my girls weren't fancy enough.
-Sam