I like them. Over the years I've probably used all the varieties of indicators out there and none of them are totally satisfactory; they all have one problem or another associated with them. Assuming you have good eyes I agree that when you fish with a short line the best solution probably is no indicator at all.

But the Thingamabobber has a lot going for it. Its light, has almost no wind resistance, floats high, is durable, is easy to attach, and doesn't come off when you don't want it to. The only negative is that you sometimes have to use a leader straightener to fix your leader if you move or remove it. I use the 3/4 inch version in turbulent white water but otherwise stick to the half inch version.