My longest running game group- dating back to the mid-1980s- has experimented with computers, mainly for things like number randomization or hit locations for certain games (like Star Fleet Battles).
By and large, it wasn't a distraction but it also wasn't much help.
I could see using one as a DM, especially if you had your adventure saved to your machine, with nice color maps that would be (potentially) expensive to print up, etc.- after all, they'd also double as screens- but I wouldn't want to use one as a player.
The closest I've come to doing that is using my PDA (a PalmOne Tungsten E2). I had been using it to take notes on a campaign I was designing, so when the opportunity arose, I wrote up my PC for Bento's Dallas Gameday adventure on it.
During that process, created a character sheet for the thing. I now have about 13 PCs on it.
The 2 major downsides are the time consuming data entry- my PDA doesn't like my handwriting, so I have to use its keyboard function- and its 3 minute sleep feature, which cannot be turned off, AFAIK.
However, I don't have it set up to access the internet in any way, so that's no consideration at all, and while I could load the SRD onto it, I choose to use my books.