It is considered bad practice in most of the sites at which I have worked. And by most of the VB developers with whom I have worked. And in my head. If I see it, I will admit that I would almost certainly change it. I say "almost" because I admit there's a possibility that I could find a piece of code that looked better that way. I don't expect to see it in my lifetime, though.
I also really don't like one-line **If**s either.
Both are most likely hangovers from the days of VGA (640x480) monitors; that's no excuse these days.
