I like it and use it quite a bit, but there are some things I can't quite figure out how to draw in there so I still use graph paper and color pencils too. Probably use EQ7 more than paper though; and even if I start on graph paper I often duplicate my final design into EQ7 as a way of keeping a record of it and also for easy fabric yardage estimates. I let the computer count squares for me.
It's also fun to just PLAY in, I love drawing up a new block then throwing it into a quilt and twisting it around different ways to see what sort of patterns emerge. Easy to change colors, etc.
It's not easy to learn but oddly enough I think the less computer-oriented you are the
easier it is; the difficulty I have with EQ7 is that it doesn't behave the way most standard programs do in a lot of respects, and since I DO use a lot of software on a daily basis (I'm a programmer) I keep expecting EQ7 to do things that it doesn't; or keep expecting it to do them in a certain way that doesn't match what the program actually does. If you don't come with those built-in expectations I think it's easier to learn and use. The tutorials here from Rhonda are fantastic, too.
I almost never buy quilt patterns. I enjoy drawing them up myself. So if I see a quilt I like, I draw it up and figure out the best assembly method myself rather than buy a pattern. I do mostly simple quilts though, so it's really not difficult and I really enjoy that phase of quilt making. I've "designed" about 10X more quilts than I've actually sewn up!