Mark Roberts has begun a series on what in churches is variously described--and which may actually describe different things--fellowship time or the Sharing of the Peace.
The whole thing was prompted by an email that Josh Claybourn sent out to a number of we blogging pastors about a piece he'd just posted on the group blog of which he is a part, In the Agora. Josh wanted to deep-six fellowship times during worship and through is email, was inviting the pastors to comment. If you check out Josh's post, you'll also find a bunch of interesting comments from a variety of vantage points.
I responded with two comments in the ongoing discussion, so I won't add anything else but to say that for our congregation, the Sharing of the Peace is a vital and important part of our weekly worship celebrations. We would be loathe to get rid of it.
Check out both Josh's and Mark's posts on the subject.