Personally, I have found this site to be extremely valuable during the whole application process. Perhaps this is because my situation is different to yours- I'm currently living abroad, and have no personal contact with any other graduate applicants. I've also never studied in the States before, so there were some parts of the application that just baffled me. And don't even mention the GREs! This site was great while I was filling in applications because it offered a place for me to ask those tedious little questions that no one I know could answer. Then during the waiting I was lucky enough to find other people interested in my specific field to talk to, so I felt less isolated (I'm sure everyone here has encountered bafflement when they've mentioned their desire to go to grad school). Also, it's nice to have somewhere to obsess about my applications if I feel like it. It means that I do it less to my friends and family, who I'm pretty sure were heartily sick of the topic.
I do understand your position- from some of the threads that have been started on this site, it's obvious that some people are getting EXTREMELY neurotic about the application process. That said, reading those threads has not heightened my own neuroses. I like to think that I'm pretty chilled out about the whole thing. My heart goes pitter patter when I check my email, but apart from that I'm trying to get on with things.
And yes, when I see acceptances for my programs on the Results page, a tiny part of me starts hyperventilating. But then I take a deep breath and remind myself that it's still early days. Then I close my computer and go and do something else. Therein lies the true secret to not getting obsessive about gradcafe or checking application status: moderation, and the realization that the real world is still going on. So yes, MmmNachos, the world won't end if I'm rejected, and the whole process is out of my control. As long as I accept that and keep reminding myself of that fact, I think that Gradcafe is still a helpful tool. And good luck with your applications!