I do usually enable it - provided the motherboard + HD are new enough + there is more than enough RAM - 256+.
try hdparm -i [yourdrivedev]
if the drive lists as udma 3 and above it's worth trying.
depending on what drive / moBo you have there may be different results
here's an example
hdparm -i /dev/hda
/dev/hda:
 Model=WDC WD400JB-00ENA0, FwRev=05.03E05, SerialNo=WD-WCAD1A235289
 Config={ HardSect NotMFM HdSw>15uSec SpinMotCtl Fixed DTR>5Mbs FmtGapReq }
 RawCHS=16383/16/63, TrkSize=57600, SectSize=600, ECCbytes=40
 BuffType=DualPortCache, BuffSize=8192kB, MaxMultSect=16, MultSect=16
 CurCHS=16383/16/63, CurSects=16514064, LBA=yes, LBAsects=78165360
 IORDY=on/off, tPIO={min:120,w/IORDY:120}, tDMA={min:120,rec:120}
 PIO modes: pio0 pio1 pio2 pio3 pio4 
 DMA modes: mdma0 mdma1 mdma2 udma0 udma1 udma2 udma3 udma4 *udma5 
 AdvancedPM=no WriteCache=enabled
 Drive Supports : Reserved : ATA-1 ATA-2 ATA-3 ATA-4 ATA-5 
[root@sargs root]# hdparm -tT  /dev/hda
/dev/hda:
 Timing buffer-cache reads:   128 MB in  0.80 seconds =160.00 MB/sec
 Timing buffered disk reads:  64 MB in  1.38 seconds = 46.38 MB/sec
I doubt that much more from this drive can be obtained..... 
