I have two... a medium size one and a small one...
I'm not particularly enamored with the paper, but It is nice to have a moleskin if you are writing down things that you know is worthwhile (for me, it's sermon notes). Anyhow, it doesn't look out of place when you put in on a bookshelf next to nicer books, say.. a bible.
anyhow, the smaller one i write random things down on. I wouldn't say it's particularly useful to do that with, but it definitely has survived some accidents that i'm sure a cheaper notebook wouldn't have (such as floating... or sinking... down the River Narrows at Zion National Park). The pages are wrinkled now and ink ran in the places where I used a ball-point pen, but altogether considered, it doesn't look half bad for being so abused... as in, it looks the same when the moleskin is closed. :P
Pricey... yeah... but as long as you value what you're writing in it, it's worth it if you're writing in odd situations that if you mistakenly do something with it, would totally abuse paper. Otherwise, stick to the laptop.