I like it quite a bit, and when utilized right, it gives that extra bit of immersion and feedback that an interactive visual medium like video games can use.
Like I was replaying Uncharted 2 the other day, and on top of Naughty Dog's pitch perfect weight and animation Nathan Drake has when he makes a jump or drops onto a ledge, there's a little rumble as well. It's a small touch, but it felt it added immensely to the experience, and it gave every single jump just the extra bit of connection between the player and the game.
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http://www.yourgamercards.net/trophy/a/NathanDrake90.png