Usually there's better options to stop a spell with a prepared action. However, there are ways to make counterspelling more viable. For example both the duelward spell (SC) and the reactive counterspell feat (PGtF) let you counterspell without preparing an action (though at least with reactive counterspell you still loose your next action). There's also some feats and domains that improve your dispelling abilities.
I guess a mystic theurge with the duelward spell, the PG2 feat that improves your dispeling CL, the inquisition domain, Practised Spellcaster and many dispels as well as spells of all schools prepared would be quite good at neutralizing opposing spellcasters.
I like to use counterspelling once in a while. It's one of those maneuvers that are left forgotten 99% of the playing time and then shake one encounter into a completely new dimension when the right conditions are met (overrun and bullrush fit in here as well, I'd say).
Counterspelling is rather useless for most adventuring type, who put most of their recources in offense. However, I see my bad guys a bit more on the side of "staying alive first and then worrying about killing anything". Some of my 10+ masterminds would have a hart time eliminating anyone on their own, but between layers of protective spells (especially detect scrying and anticipate teleport, everyone of that level should have those, or I'd wonder how they came that far), a well protected lair and minions they are hard to kill. Yeah, a 10th level wizard can destroy a army on his own, but there are more then one of those and none of them wants to be caught out of spells after doing so (but I degress).