These threads always turn out the same, in my experience. I am unsurprised to see that your poll is split roughly 50/50 as of today (May 19, 2011).
I have personally gone from the "always replace the tire - it's too important not to" to the "if it's in the middle of the tread and you have a lot of wear left in the tire, plug AND patch it" school. I switched because of a couple of reasons, namely:
1) I have picked up a nail in my almost-new rear tire twice now (replaced the first one, plugged/patched the second one, my current rear tire).
and
2) Many of my riding friends recommended that I plug & patch and get some good wear of of my tire.
A local friend (Wavex) recommended a moto tire shop that is willing to plug & patch. I removed my wheel and took the wheel/tire in and had them do it since it was practically a new tire.
Now that I have a track bike, I know that I will not be running my FZ6 street bike (and tires) on the track in an ultra-aggressive environment, so I am comfortable with the concept of plug & patch (they remove the tire, plug it, and then patch over the plug from the inside).
Nonetheless, and this goes for non-plugged tires as well, I always feel the tires with my hands before I hop on the bike. Track and street. If you push down hard with the heel of your hand (especially on the rear tire), if you are dramatically low on pressure, you will feel it. This doesn't work so well with the front tire, as the tire itself is much sturdier ... try it with a new, unmounted tire sometime.
Good luck! Posting a picture would get more votes on your poll I bet.