Well, personally, I've only had wheel hop once, but it's not cool. I'm somewhat new to my car, I've only made a few dozen track runs, and the one with wheel hop is my third most memorable. I'm sure as hell not saying my first or second, they were too embarrassing for words.
It's also a handling thing, but most of all, I believe that it stiffens the bar from twisting, not bending, during the launch, wheel hop is AWFUL, and can mess up your rear end or tranny pretty bad, from what I've heard.
I boxed mine this winter while I'm doing all of my handling mods: stiffer springs, shocks, super-thick front sway-bar, bushings and body mounts.