I actually enjoy it. I agree that, it's more fun to use swords, spells and various other means, but being a werewolf can be a hoot. I always clean out Fort Greymoor or Fort Amol, and it's a pain in the butt. This time, as I was returning from killing Kematu and crew, I thought I'd stop by and clean out the place. Went were and ripped everybody to shreds. They didn't stand a chance.
My first character I was a were and never changed, but, ever since, I do it on a lot of characters. Of course, once you've maxed out your perks, it's just for fun, but, still. Throwing Giants and Death Lords all over the place is fun! I never take any of the blessings except the Fear one since I like to see them run scurrying away so I can hunt them down.
Besides, like VL, sometimes having the power to simply become a monster to take down your enemies can be really, really helpful.
Give it a shot (oh, and get the Ring of Hircine!). I'm sure you'll enjoy it. Just remember that you can't loot or anything until you're back in human form and sometimes you'll need to wait 3, 4 or 5 game hours to turn back (depending on how many hearts you've eaten!).