what do you think of benching?
i started benching when i was 12 years old or so.  and i haven't done it even once in the past two years or so.
i think benching and dips are about equal - they have some cons and pros.  i prefer cable crossovers for chest exercise and standing presses for shoulders.  actually you get quite a bit of a chest workout from just chins/pullups.  i also get chest workout from swimming.  
bench press is of course easily THE most overrated exercise.  the reason everyone does it is two fold:
1 - it looks hardcore so its good as a mental masturbation
2 - it builds muscles closest to your face which is most important for people who spend their whole day looking in the mirror as most pretty boy bodybuilders do, so again - more masturbation
but of course to put bench press at the center of your training as most gym rats do - is misguided
the reason i don't do it AT ALL is because it relies on a BACK SUPPORT and i don't use ANY SUPPORTS on any exercises - and this includes no belt and no straps.  any support is a means of isolation which in a bodybuilders mind is a good thing - but in my mind is a source of weakness.
i used to be a HUGE fan of using staps back when i was into deadlifting and especially shrugging.  i couldn't hold as much weight in my hands as i could lift with my legs/lower back.  so i figured straps were allowing me to get a better workout - i was wrong.  straps were allowing me to get a workout i didn't need.  instead of deadlifting to build leg power i should have been running sprints.  instead of developing functional leg power i ended up developing nonfunctional power.  you only cheat yourself with any form of isolation training IMO.
you don't necessarily need to develop every muscle to its fullest potential - thats not a good goal even for a bodybuilder - and a very bad goal for a real athlete.  what you want is to develop your body as a machine that works as one.  if having a huge chest isn't making you run or swim or climb better - then you don't need a huge chest.  and if it does make you perform those tasks better - then you can build it up BY using those kinds of training.
when i used to be rather big i couldn't understand why i can barely keep up with girls in the swimming pool who are good swimmers.  my muscles were 5 times their size and i had fairly decent technique so i was supposed to be much faster ?  of course now i realize that they had the RIGHT muscles for swimming because they developed them BY swimming and i had the WRONG muscles for swimming because i developed them by benching.  and it was the same story with running and cycling.  being able to deadlift a couple hundred pounds did NOT make me any faster a runner or a cyclist - it was a total ripoff.  i put that stupidity behind me now.
i am tempted to say that i find bench press to be a worse than average exercise but it must be qualified.  it is certainly worse than an exercise average out of the ones i currently do.  but other people may do exercises far worse such as curls and crunches so for them it may be a very good exercise relative to what they do on average in the gym.
the good thing about bench press is that its a more or less free-weight exercise and one that allows a lot of weight to be used.  generally the more weight is being used the you are activating your body.  the bad things are:
1 - the back support, which is totally unnatural
2 - just as with dips the range of motion is not optimal.  
i had a friend with a torn pec from benching.  he never recovered from it - he has a hole in his chest.  chest is a relatively small muscle in a symmetrically developed physique.  people try to make it into a second ass and pay the price.