Personally, I use cruise control very often, and the attention freed up by it I typically put toward maintaining lane position and checking my mirrors more often. It keeps the trips engaging and makes me a safer, more consistent driver.
I'm also convinced that traffic flow would be much better if people used cruise control more often. Speed variability seems to cause excessive lane changes as a driver inadvertently slows down and the cars following attempt to pass so that they don't have to slow down too.