Filtering mail is enormously more computationally expensive than simply delivering it.
And since having a catch-all means that the dictionary attacks spammers constantly aim at domains means you'll be getting an order of magnitude more mail (almost all of it spam) it means we have to devote that much more processing time to filtering your mail.
And while I understand that it's extremely _convenient_ to use a catchall for addresses like slashdot@yourdomain.com, you can create as many aliases as you'd like. You can create one for every site you visit. It's a little annoying when you set them up, but then they work just like your catch-all.
I ditched the catch-all on my personal domain a few months ago, and just created real aliases for every address I actually use. I have a great filter (Spamprobe) so I wasn't getting much spam to my inbox, but the amount of spam I had getting filtered dropped from (no joke) hundreds a day to about 60.
During the earliest beta test of this filter, I was letting people with catch-alls sign up. One guy got more than four thousand messages a day filtered from his inbox. If we had only a few hundred mailboxes (out of the 400,000 we host) get that kind of spam, we'd need more mail filtering machines than web hosting machines.
nate.