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Jeff Sthe #1 reason I still use paypal with items I'm selling is the speed of turnaround time. In a good bunch of items, I can have 75% of my lots paid for and out the door within 48 hours of auction end times. No packaging things up twice or three times as bunches of checks come in -- though of course there will always be a little of that. In a small group of postings I made lately, I think 100% of items were paid for within 12 hours of auction end.
I think many international buyers are more likely to buy if you accept paypal, as well. It eliminates some of their costs (if they are exchanging currency or buying particular kinds of money orders on their end) and guarantees that they will be able to get payment to you hassle-free.
That said, I empathize with those who have paypal horror stories...so do I. So I keep my account drained and realize that one day, I may have this account frozen, so I'll just need to give them another of my credit cards and start over again...I've done it once already.