I've been doing lots of updates using the new Bing imagery; it seems to be pretty good and it's invaluable for filling in details of places that are difficult or impossible to physically survey. Today I've updated some mapping of the town of Somersham, which I mapped from survey a while ago.
I don't think having aerial imagery really detracts from the fun of exploration; it does mean that some "low hanging fruit" disappears because detailed GPSing is not required. But for footpaths, bridleways, places that have changed recently, postboxes, bus-stops, etc it's still necessary to survey in person. And this is some of the "added value" detail that makes OSM so useful anyhow.