1) Drifting is NEVER the fastest way around a corner unless the optimal line is for whatever reason unatainable (i.e. theres a car in your way; potholes or other poor driving surfaces; you just messed up and missed the entry point) or track conditions don't allow for good lines (see Rally racing, the original drifters)
2) Drifting IS usefull in race-type situations, on the street and on the track, to rotate the car and achieve a better corner line than would otherwise be possible.
3) Power oversteer is NOT drifting unless all 4 wheels slip during some part of the turn. Otherwise, it's just power oversteer, and a damn handy tool to have when you need to rotate yourself or hit something.
4) There is NOTHING wrong with initiating a slide with the e-brake, despite what people will tell you. Especially in a front-drive car. If it's good enough for Petter Solberg, it's good enough for me.
5) Drifting IS fun. Hell, any reason to go sideways while throwing up clouds of smoke is something that every enthusiast should jump on.
6) Contrary to #5, it is NOT cool to try drifting through your quiet suburban neighborhood at any tim, because that is how idiots with more horsepower than brains end up hitting people/trees/cats/lawn gnomes etc.
And remember, racing on the street is stupid. If you can't find a road course in your area, try empty parking lots, otherwise stay home.
Rally drivers use drifting techniques to drive back-country roads at speeds that would leave you very dead.