I've not been playing in tournaments for the past 9 months now and have been just playing the occasional online blitz (usually 10 min or 5 min + 12 sec increment).
I noticed that as I played more and more blitz, my analysis skills became shallower and shallower, resorting to short calculations or variations. This has steadily led to a regression of my chess knowledge - so in the end, I just really couldn't be bothered with times and have resulted in losing games based on time. My FICS rating has since plummeted to the mid-1400 range and I'm not the least bit concerned. I find that I gained greater satisfaction from losing a blitz game while playing better moves than to win a blitz game playing poor moves.
True, I calculate deeper than I should for blitz but I think it's a good skill to cultivate in the long run.
With the London Chess Classic starting tomorrow (today is the drawing of lots), there's no shortage of chess coverage. I cannot remember the last time chess has been so active in the international scene.
It appears that chess is currently undergoing a mini-revival (in spite of the global economic downturn). This is certainly heartening to see.