I am surprised that more people dont rinse yeast. I would say that as long as you employ Good Lab Practices it is the bee's knees. A big factor is saved costs: I have definetely cut costs on the 20+ (12 gal.) batches that I have brewed this year.
Dividing the yeast from a batch I am only on the 6th generation (since each batch makes more yeast than needed for one batch) and have seen no decline in % attenuation. The yeast I rinsed last night = 83% attenuation. I keep records on the characteristics of the yeast (time to ferment, volume, etc.) and have observed healthy fermentations and no off flavors. I had originally planned to buy fresh yeast once a year. I am not sure that I will at this point.
Since adding a Therminator to my operation (and therefore a strainer/hop sock in the kettle) my Primary is super clean, beer is much clearer, and multiple rinses dont seem necessary. (i only dry hop in the secondary, too).
Two weeks ago, I made two 12 gal batches in 2 days. One was straight pitched yeast (pulled out of the fridge, brought to room temp) the other was put in a starter from Beer #1 mash run off. I didnt notice any differences in the time to ferment (primary) or time it took to become active. I am not sure that I will be making starters in the future because of this.(unless the yeast is > 1.5 months old. I think 2 months is longest I have gone before pitching rinsed yeast (no ill effects, just not comfortable going longer).