But with the Nexus 4 I left it on, and have been finding it useful regularly ever since. Zero-action directions and timetables for getting home after a night out. Directions to local places I've recently searched for on maps. The automatic "hey, you need to leave now for this event" notifications. And yes, the whole experience with taking a trip outlined in the post feels closer to magic than any other technology product ever.
At this point I'd probably leave Google Now on even if there were issues with battery life. But I'm easily getting 3-4 days per charge, so it's a total non-issue. (Right now I'm at 41% battery, with 3 days 3 hours since the last recharge).