I've been using creatine since the early '90s. Works great for me. No water-retention-look, no cramping, no negatives at all. I might be unusual, but I could be a poster-child for the stuff.
I used to cycle off it but that diminished my performance (especially my cardio performance, which really surprised me) so much that I just stay on all the time now (for the last 5 years or so). I take multiple small doses instead of the usual large ones (in keeping with what I've read about the possibility of receptor downgrading).
FWIW, I've known elderly people who *really* benefited from it, which is in keeping with studies on everything from brain function to heart health. Creatine is probably the most well-studied supplement in history, there are reams of (properly conducted) studies you can reference. It's even used in in the veterinary field.
dogma- glad to hear I'm not the only guy here in his late 40s who's still staying in shape

That's one helluva bench you have there
