Yeah I rarely see a selective coloring shot that looks good, I think myspace, youtube and flickr (photowise anyway) have ruined it for me with all the noobs doing it. I like black and white if it's processed well and fits the mood/whatever else.
I actually love the look of black and white for surfing, sometimes it's cool for skiing too.
See this edit for what I mean by well processed and fitting the mood. That also shows that it can be mixed with color. Usually I don't see why people throw a black and white in the middle of a bunch of color out of nowhere.