I shoot black and white for most of the reasons above. Like Terri, I love the photographic process, the act of imaging using light and chemistry--and it leaves open techniques which wouldn't be available with color. Like Efergoh, I find it more artistic (my color stuff always winds up looking like snapshots), and I can manage the BW process myself. And like Craig says, it's easier to get dramatic effects--but then, it's just as easy to misuse those effects. It's easier to get BW to do what I want it to do than color--especially since my color work winds up being processed on the computer, which I don't particularly enjoy.
Ultimately, it comes down to my love of the whole idea of photographic imaging, and the fact that I can control my imagery from start to finish. And, most especially, BW gives me something to learn. I can still learn color, but since I have to do it on the computer, and I'm so familiar with computers that they tend to bore me at times, it isn't appealing. BW, though, there's a whole world full of techniques and processes that I haven't tried. It allows me to experiment, and to study form, light and shadow, composition, and everything else. It allows me to express my intent much more effectively, and to achieve the sense of accomplishment that motivates me to learn more.