It's annoying and overused. I noticed it's used all over the place, but only learned it's history (and coined name) one boring sunday afternoon.
The sound effect is at the bottom of this page.
Once heard in a movie, I immediatly lose any sense of realism that the movie attempted to build. (It's like watching a movie only to have the Energizer Bunny march across the screen.) The only thing that's worse IMO is seeing directors add beeping sounds if there's the onscreen actor is working on a prop computer.
Someone out there tell me I'm not alone in my anal retentiveness....