Yes. The basic *idea* of FileVault isn't entirely bad in my opinion. But it comes with so much collateral damage (or rather collateral issues), that I wouldn't really trust it personally. When they first introduced it, I wanted to try it. And it simply didn't work for me at that point, because on my notebooks, my home folder is _always_ bigger than the available free space. Well: Not when I buy a new one, of course - and I could have reinstalled everything, turned on FileVault and get the stuff back from the backup, but it just seemed too much hassle back then. And when I thought I'd try again, the first messages popped up on macosx.com and other forums about how it plainly didn't work right! People lost settings, people got strange messages about how something saved some space (freaky if you don't really know what the system means and what it's doing...)...
Sure, security is a good thing. More security is a better thing. But it all comes down when the hassle becomes too much.
If you're worried about those saved passwords: Don't save them. Security, in my opinion, also means that you change your passwords often enough and use separate ones for separate things.
Personally, I rather pay attention and _don't_ let my MacBook get stolen and _don't_ leave it in a Café when I'm going home. I know that sounds obvious, but if no one tampers with my notebook, local security isn't that much of an issue.
Remote security is a bigger problem. But if you're logged in, your FileVault image is decrypted. And if someone manages to hack his way onto your Mac from outside as your username, the filesystem is already decrypted, so FileVault isn't doing much good. Also I've come across tons of people who have FileVault activated but keep logged in and put their notebook to sleep - without any password protection. So a thief would simply wake it up and have access to everything - as long as he doesn't logout or restart. I guess it all depends on what kind of bad things you _expect_ will happen.
