I have one and I use it as the host of the blog for my website. It's also good for artist exposure and a good time killer.
I followed a bunch of educational/sciencey tumblrs the other day and so far I'm loving it. Somehow I feel like I'm using the internet the "right" way.
Aside from my personal tumblr I run one dedicated to posting hilarious screenshots from grand strategy games: http://believableworlds.tumblr.com/
It's somehow wound up with a buttload of followers and I get a lot of submissions and stuff. On the other hand it gets weird "neo-nationalist" followers sometimes