Losing traction has its advantages at times, especially in tight cornering when you want to drift more than steer to make the tight radius (think U-turn without 3 lanes of space to do it in, for example). It's also a valid technique at the drag strip. If you're running slicks, you roll through the waterbox and do a full burnout to warm them up. If you're running street tires, you skip the water box and do a mini-burnout (anything more is just wasting rubber) to clean the surface of the tires off.
I'm not a fan of high-school kids doing burnouts and donuts in the street either, but it's not right to say that loss of traction has no place in serious driving.
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