I too have a preference for real (or engineered) wood floors; but this comes from tradition and getting comfortable with the best way to repair, refinish and work with real wood. The thought of using a high pressure laminate (as in Formica) as a flooring material....well...it just don't seem right :-)
But in defense of Pergo (and similar products): - It goes down easily (a real DIY project) - Requires no finish - Is relatively inexpensive - Looks great - Seems to wear well - More importantly, when you get tired of it or it becomes badly scratched over the years...just replace it. It isn't nailed or glued down (it floats) and its cost is about that of good carpet....and none of us keep carpet, however good, forever, yes? Look at it as a 10 or 15 year floor covering. Now that you CAN'T do with a real wood floor.
The only bad thing about Pergo I see happening is that it is becoming standard flooring in some new housing and I suspect that over the next few years when the 'oooohhh and ahhhh' wears off, it will just be viewed as a plastic wood-look-alike floor and will quickly fall out of favor...kind of like vinyl "dark oak" paneling did in the 70's.