How effective are smileys/emoticons?

I just love smileys/emoticons. They are superb if you use it in the most appropriate place and can give life to your writings. But sometimes people place it in the inappropriate parts which actually kills its purpose and gives a wrong message to the entire forum. Smileys are a good way to express your emotions in an animated way which is quite effective.

I like animated smileys like crying, weeping and laughing ones. There is one that keeps on laughing all the time which is really a mood enhancer. This is really a very innovative concept.