Reverb is totally a personal choice/stylistic thing. In phones, no verb is super dry and sounds "unrealistic" and harsh. In a club, reverb can cause sound to be more diffuse. As previously noted, judicious use of delay can give a sense of space/breadth without the "washed out" effect that reverb can have. My general sense is that the harder rocking the music (or the funkier), the less reverb there is typically. Also, the faster the music and the more the attack needs to be defined, the less reverb.
Personally I love reverb and am really looking forward to checking out the V 7.0 verb.
In one of my fav used gear music stores, I'll often think, "wow, great verb, great sense of space" until I realize there's no reverb turned on. It's just the room and it's a really great sounding room. I've gotten stuff home and thought, "this doesn't sound nearly as nice as I thought" because my house doesn't sound nearly as great as the store's space. Fortunately, I don't need to buy any amps anymore, so it's not much of an issue now, but I have to think thousands of dollars of gear has been sold because that room sounds so good.