It is much more convenient and cleaner to use a single statement like
import java.awt.*;
than to import a bunch of individual classes
Among all the valid points made on both sides I haven't found my main reason to avoid the wildcard: I like to be able to read the code and know directly what every class is, or if it's definition isn't in the language or the file, where to find it. If more than one package is imported with * I have to go search every one of them to find a class I don't recognize. Readability is supreme, and I agree code should not require an IDE for reading it.