There's a lot of smoke and mirrors with PHP's implementation of OOP - having said that I use it a lot in my projects. It makes things more manageable although there is a healthy debate out there on whether PHP should be doing objects at all - I am on the "should/must" camp.
If you are familiar with the traditional or proper way of doing objects then you will not be dissapointed when PHP 5 comes out. PHP 3 was terrible and PHP 4 is half baked but useable (as long as you know what to do) because in a sequential language (not event driven) such as PHP, there are limited ways that objects can be useful but used properly, it still boasts the basics advantage of OOP structures. Modularity, manageability and reusability 😉
I use objects in my projects to facilitate plugins and create base classes that connect up all the other required plugins to give the users as much functionality with as little complicated coding that I can muster.
We have other secondary coders (front-line tailoring) that code for their clients and they only need to modify the leaf classes and the html/xsl templates whereas all the atomic or core classes are common to all. In this sense it makes things much easier to maintain.