In the words of the master:
http://www.joelonsoftware.com/articles/Wrong.html
An interesting reading, as usual.
Extracts:
"Somebody, somewhere, read Simonyi’s paper, where he used the word “type,” and thought he meant type, like class, like in a type system, like the type checking that the compiler does. He did not. He explained very carefully exactly what he meant by the word “type,” but it didn’t help. The damage was done."
"But there’s still a tremendous amount of value to Apps Hungarian, in that it increases collocation in code, which makes the code easier to read, write, debug, and maintain, and, most importantly, it makes wrong code look wrong."
Make sure you have some time before reading Joel On Software. :)