'nuff said really, but i site this link in defence of the "adds nothing to readability" argument
http://www.smashingmagazine.com/2012...est-practices/
When reading text with a drop cap, we always “read” the letter, then the partial word, and then have to piece the two together...
The visual separation caused by using a drop cap interferes with word recognition for everyone. Drop caps are decorative elements. When we use them, we are setting a tone—often at the expense of readability.