Today, my computer's memory is far more constrained than its network bandwidth. I find it very easy to accidentally open tons of tabs very quickly (esp. from the HN front page!) until suddenly the browser is swapping and everything's slowing to a crawl trying to process all those new page DOMs.
And yet, even when it doesn't choke the computer, I find no real benefit to preloading pages in the background any more. At least on my connection, the page load time after I focus a tab is almost imperceptible.
How things have changed!