I don't see how setting them up is a big deal. Once you know how to do it, you'll use it for just about everything. I'm at the point now where 99% of the websites I visit are accessed via either a keyword search or keyword bookmark (i.e., 'hn' for
http://hackerne.ws/). Combined with Pentadactyl (Vim emulator) in Firefox, I browse so fast that the only thing that holds me back is how dog-slow the Firefox UI gets unless you regularly create a new profile and "start fresh" every couple of months. But I try to keep all my stuff in the cloud (bookmarks in Xmarks, passwords in LastPass) so that this is fairly painless.
Besides, it eliminates two keystrokes. Considering the amount of times I look up something on Wikipedia every day, I'd say that it pays itself back in spades.