This is very interesting, I just had this discussion with a colleague as I was just job hunting (and got a job! - I'm going to post about my dramatic resignation shortly)....
I know that perfectly good arguments can be made either way. My resume used to be 6 pages, it was ridiculous. With my colleague's help (Sicy, if I had known I would have asked YOU!) I got it down to two, INCLUDING my personal interests section. If I get one more job, I've had it, I'll have to move to 3 pages.
Anyway, I have always had it in. The reason is I think it's important that the person sees what you are like as a personality and how you fit in with the team. (in some jobs...maybe that's not appropriate for every job)
But I think it's silly to include interests that everyone has that are kind of boring and obvious...but great to put in something really unique.
For example, (and I kid you not) in my personal interests I say that I take ballet classes, that I belly dance in a U2 tribute band, that I write personalised fantasy fiction, including a series on a U2 message board, and that I plan to write a novel.
I gotta tell you, this is noticed and people immediately ask me about it. It breaks the ice and they are in stitches. In fact, I have never not got an interview...but that may be more to my work history, which is very good. Anyway, when I met with some of the staff members in my 2nd interview they looked at my interests and said "You're just as crazy as we are! This is great!'
So....all I'm saying is it might work for you!