I think it is fabulous software. Like Dunster said, most quilts I make are planned out using EQ7.
I used to scan my fabrics but don't do that very often anymore. I find that the fabric library plus the extra fabrics I've imported give me enough selection so that I can reasonably depict the fabrics I plan on using from my stash.
I use it to make design decisions quickly. E.g.: If I have 12" square blocks and want a throw for a couch, how many blocks in a row and how many rows and what size borders should I have to come up to a size that works (I want it plenty long to cover tootsies and shoulders of a tall person) and I want the overall scale of the quilt to be pleasing to my eye.
I also find planning borders is great using EQ7; how many borders, what colors, and what width on each look best to my eye.
When I want a second opinion of my design, I can send attachments of the EQ7 quilt to my out-of-state children via email and get their comments. (I trust their design sense more than my own.) EQ7 doesn't have this feature directly that I know of but I take a screen print of the quilt from EQ7 and paste it into a program such as Paint, do the cropping, etc. and Voila! My kids have helped me out more than once and when the quilt is for them it is especially nice that they can "approve" it during the design stage.
I love to paper piece and use it for printing out patterns.
Personally, I would not want to be without EQ7.
PS: This software DOES require the user to spend time learning it. The book that comes with EQ7 is excellent and has all of the information I've ever needed; but I did need to put in the effort to use the book, its lessons and tutorials. As BellaBoo said, this software has more features than I will ever use but it has all of the features I want when designing my quilts!