I agree with you that
the depth of field preview button has limited use. It's nearly impossible to truly assess subtle changes in depth of field using the preview on a 35 mm or smaller viewfinder-- particularly because it gets very dark. In those situations I think that having a better intuition for changes in aperture (or using a depth of field calculator) is perhaps much more productive and consistent. On the other hand, here's my top 4 examples where I feel the DoF preview button is still quite helpful:
(1) Cameras that have the new "Live View" feature
Note: the viewfinder also gets darker in these cameras, but this can be somewhat compensated for by either increasing the rear LCD brightness or temporarily adding exposure compensation (but making sure to turn this exposure compensation back off for the actual shot). There's a little more on this topic in the thread on the
pros/cons of Live View.
(2) Visualizing changes in background blur (bokeh)
This can be very helpful when you want to avoid or carefully place the location of a specular highlight in the background.
(3) Visualizing depth of field with a tilt/shift lens
Often times the location of the DoF is very counter-intuitive when
using a tilt shift lens to reposition depth of field. Although not perfect, even a dark viewfinder can help for this...
(4) Visualizing the impact of lens flare
This is admittedly a much less common use, but on occasion it can prove helpful. This is because the size and location of
camera lens flare can change pretty dramatically depending on your lens's aperture setting.
Overall, what I find funny is that until the advent of Live View, most of the above top uses serve to tell us anything about the depth of field...