I have a wet hop beer fermenting right now, using the process Pete B. described. The smell from the fermentors is incredible, so I think I am on the right track.
I think, done right, they can be very good. I have brewed 3 wet hopped ales thus far, and while the first one was terrible, the other two were pretty darn good. The first one I used wet hops for bittering that ended up giving a terrible grassy flavor.
I had one in October 2002 at the now defunct Yakima brewery that was excellent. The wet hops gave a kind of licorice-y flavor to the beer. I'm hoping for the same with my fresh Cascades.