Who reads the cover letter anymore?

Seth makes a great observation about hiring [here].

I stopped reading cover letters a long time ago figuring that they all said pretty much the same thing. What I started paying attention to instead was how many experiences and or jobs the candidate had. Now that in and of itself use to be a bad thing. I mean if you listed 15 jobs on your resume you were a flight risk but as of late it has become more and more acceptable. Acceptable because of the diverse perspective one can bring to the table.