Is Ejb really significant in enterprise applications?

Ejb was introduced to Java technology to attain some features inherent in enterprise applications. Those features include instance pooling, inbuilt security, declarative transactions, container managed persistence, relationship of business objects and caching etc. Now that many people have built their applications using Ejb, let us go back and analyze if Ejb as a technology is really significant in developing enterprise applications. We are going to analyze both pros and cons of Ejb based on experience of people who have used Ejb.