I rediscovered it as well, after updating Ubuntu and trying out Unity and Gnome shell.
Xfce does exactly (IMO) what a desktop should do: make me forget what desktop I'm using. It's got all the standard features I expect, and works how I'd expect a desktop to work. Very happy with Xubuntu right now.
Edit: One minor complaint: the default Xubuntu install left me with window borders that were too small to grab onto (for resizing). Had to change some theme or other.
Protip: Alt + Middle-button drag anywhere on a window should allow you to resize from the nearest corner/side. On a similar note, Alt + Left-drag anywhere on a window will allow you to move it without having to click on the titlebar.
Xfce does exactly (IMO) what a desktop should do: make me forget what desktop I'm using. It's got all the standard features I expect, and works how I'd expect a desktop to work. Very happy with Xubuntu right now.
Edit: One minor complaint: the default Xubuntu install left me with window borders that were too small to grab onto (for resizing). Had to change some theme or other.