It's such a frequent topic on here, I thought people may be interested in this short article....
http://current.newsweek.com/budgettravel/2011/03/the_death_of_the_travelers_che_1.html?wpisrc=newsletter
Yes, the article says about what I would say. They aren't widely accepted in Europe which means you have to change them at a bank (inside their limited hours). I would add that many banks aren't happy to change them either. A money belt is your best security option. On the other hand, If you would like to pretend to buy someone lunch, but end up with them paying, you can always offer to pick up the tab, then ask the server if they take travelers checks... ;)
As it says, you don't get a great exchange rate on them. Much better to just use ATMs.
"On the other hand, If you would like to pretend to buy someone lunch, but end up with them paying, you can always offer to pick up the tab, then ask the server if they take travelers checks... ;)" Brad, you've learned well, Grasshopper. (BTW, tell your Mom 'hi' and leave the TC at home LOL)