What Do You Think About Preserving Umbilical Cord Blood?

Hi ladies,

I have been talking with my coworkers and friends recently about various pregnancy related topics and one of which that came up was related to preserving and banking of umbilical cord blood.  Some people believe that it is useful and some think that the likelihood of the child ever needing the blood is very slim.  From what I have read in wikipedia: http://en.wikipedia.org/wiki/Cord_blood, it seems like that the whole concept about using the stem cells in cord blood is really just theoretical at this point.  Private cord blood banking also stirs up quite a controversy.  What is your opinion on parents preserving cord blood after giving birth?  Do you think it is right or wrong?  Do you think it is useful or just a waste of money?

I am very interested in knowing your thoughts!

Joanna