I use it pretty often, since I'm a freeloader (I haven't been hooked up to an ISP in about a couple of years or so).
It's a very old vulnerability, one that is very convenient to exploit and an example of user accessibility gone wrong. Some routers don't even let you disable it.
The other option is to make large tables of PMKs with Pyrit and use GPGPU power to achieve insane dictionary attack speeds, but that still depends on how good your wordlist is. You could generate profiled wordlists with something like CUPP, since lots of users use private information for their credentials, but yeah it's all relative.
Reaver hasn't been updated since January 2012, so Bully aims to pick off from where it left. Though I still find myself using Reaver more often.