Yes, but...
I was thinking the same but it occured to me that this drive will be more valuable as a restore drive as apple meant it to be.
Maybe when lion comes out I will then be more open in finding a way to convert the drive to a restore drive with lion instead of snow leopard. Only then it may be worthwile to write to it.
I'm not saying that anyone SHOULD do this; its just nice to know that you can.
After your original install, you might spend hours setting up your computer to your satisfaction, then install system upgrades and etc. After that, the only real use for the install drive is to change your password if you forget it; generally, its better to use a Time Machine (or other) backup to restore your system if needed, so you don't have to spend all of that time setting up again.
Before reformatting the install disk, you SHOULD create a disk image of it, just in case; you can restore from the image or reinstall it on the restore drive, or on any other drive.
Back in the day, install disks were floppies, and CDs, DVD, and now these 'non-writeable' drives help prevent user accidents—I think thats Apple's motive here; no more, "Help! I've erased my install drive and I can't get up!" customer assistance. Make the disk image anyway; you
could lose that little stick.
I think that the really cool thing about this is that the drive becomes a useful object instead of being quickly condemned to become landfill—I still have the stack of disks that came with my G4; useless junk, really.
I also don't keep an install drive
with a laptop; I won't give a thief a key to my stuff. If a disaster occurs when I'm out and about, I can wait to get back to my desktop for repairs (yes, I know that YMMV).
I'm thinking that Lion will come out on this type of disk anyway, and if thats true your original install disk is history, as you seem to understand. This isn't a big deal; you just reduce landfill and save $ on an 8 GB drive. I'm more excited about the potential of storage space expansion of other drives, as I mentioned above—it intrigues me that these memory devices have more potential than claimed.
Whatever you decide to do, have fun!
skinny*k
Edit: Another idea...
Go ahead and get the software now—you don't have to use it—it may shortly disappear from the universe.
skinny*k