Deferred Examination or Not?

The USPTO has announced that it will host roundtable on deferred examination on February 12, 2009, from 9 a.m.-12:30 p.m. at the agency.(link to Federal Register)
According to the announcement, "The goal of the roundtable is to obtain public input on deferred examination from diverse sources and differing viewpoints".
It is interesting to note that the public will also be able to access the event via a live webcast.
I believe that there are pros and cons associated with deferred examination.
In Canada for instance we already have a system where examination is not automatic and may be deferred until 5 years after the filing date of the patent application or even more (1 extra year) if a fee is paid to reinstate the then abandoned patent application.

But seriously, what is the point of waiting so many years to have a patent application examined and a corresponding patent possibly granted when the monopoly is limited, in any cases, in time?