Cradling is super fun to me. Especially when I'm in a three to four ball multi-ball mode. I love trying to keep as many balls in play at once, juggling like crazy. That's pretty exhilarating for me.
In terms of higher level play though, cradling at least here and there is pretty important for consistency. If you are firing away on-the-fly all the time, you are going to get punished. Either you are going to hit the wrong shot, your timing may be off and the ball may not go all the way up a ramp, or you will hit some form of a post and the ball will likely fly towards the drain. Of course, that can happen even when you cradle a ball prior to shooting, but at least then you made a conscious effort to control the flow of the game and didn't leave the ball's outcome entirely to dumb luck.
Some games are better for flow gameplay though than others, and even though I consider myself a very controlled player, on games like Star Trek, AC\DC, Rolling Stones and Spider Man, I purposely go for combos a lot as well (the ramps and orbits mostly). Those ramp shots generally aren't that difficult, and the combos feel good and they can pay off points-wise. Plus, going for combos and getting the flow going in those games opens up loop passing for those orbit shots, which is another skill that feels really good to do and requires some on-the-fly thinking.