I think it's a great rapid development tool for creating quick, easy to use, applications that do a lot. I think many people have a negative attitude towards Access in that it is easy for people to start building databases that totally suck and they don't know what they are doing so they can come up with some really bad stuff. But, at the same time, I know that I have created some very cool applications that our company uses that didn't need to have a lot of time spent developing, we don't need to have only those who have VB or VB.NET installed to be able to do fixes, and they handle small (relatively) amounts of data well.
Now, if an app looks like it might need to have more power behind it, we then create a SQL Server based backend and may, or may not, move the front end to a VB/VB.NET front end. Access is still a great front-end tool as well.
I think another reason why people, especially network admins, are down on Access is that it is really meant to be a small business tool that runs on a single computer and not via a network. Yes, it is built to go over a network, but as far as the processing and data flow goes it can, if not built properly, bog down the system and also generate lots of problems for users with corruption issues. But, most of that can be gotten around if you know what you're doing.
Also, just as a side note, I do like the new Access 2007, but it is definitely taking a bit to get used to.