hate it, and I hate that thread. Whenever new info is done it's posted in that thread instead of its own thread. I'm too lazy to make my own post about it, and I'd prefer just promoting someone else's thread where they announced the news.
Cow thinks the thread is good for the site, and the only reason I can agree with that is because the 'negativity' from that thread doesn't leak out to the other threads and lowers the chances of the other threads being poisoned. Cow says the thread makes the site seem more welcoming instead of scaring off casual players and discussion with 'only competitive talk'.
For whatever my opinion is worth, I agree with both you and Cow. I'm sick of that thread, but in my experience, an "open" thread like that is vital to keep online forum communities thriving and active. For whatever reason, the stricter forums are, the shorter active lifespan they seem to enjoy.
That's not to say don't be strict, because obviously that's necessary too. Can't have the whole place being a zoo. But, it's best to isolate it as much as possible, ie: that one thread. In the other forums I've moderated, they had "Off-topic" or "Random Discussion" threads that were similar in nature. Once they were shut down, the whole forum's activity dropped massively, even outside that.