I have to say "Don't knock it till you try it."
Seriously.
Initially, I never turned on "
Auto ISO" on my D700, because I know how to adjust the ISO to get the shutter speed range I need when on Aperture Priority mode, but after reading some discussions I decided to give it a try. For me, it is a very useful feature. Just set the lowest acceptable shutter speed and maximum ISO allowed.....once the metering measures an exposure below that shutter speed is kicks up the ISO to give you the same exposure. Today, the D700 and many new digital cameras have very impressive sensors, the high ISO are . That said, this mode isn't necessary for still life, landscape and studio work, but is very advantageous for candids, street, and documentary shooting, where the lighting can change instantaneously. The latter is what I like to shoot.
On the D700, I can set one of the discrete function buttons (programmable) to be the toggle for this feature on or off. 2 presses and done.
I had only used Auto ISO in Aperture Priority but just realized this week that it works in Manual mode as well, as Nathanm asked.