I grew up in the west end about a 5 minute drive from the mall. It was a huge focal point of my life, and I have spent way too much time there.
As a kid the mall meant weekend outings. In junior high and high school it was the place to hang out. Even in universtity there were the theatres and stores and some decent bars there. Now I live downtown and go to the mall maybe 4 or 5 times a year.
I still think it's an incredibly interesting place. It's dynamic and alive and is - bizarrely - a community. Even though it's a private space, on a Saturday afternoon it's very much the village square (especially in the middle of winter).
If the mall hadn't been built then some other generic westLondonderry or westSouthgate would have sprung up in it's place...or worse yet a West Edmonton Common with acres of box stores. I think that the mall and its unique, vibrant crazy community is of much more value to the city than that.
Is the mall a drain on downtown retail? Yup. But if the mall hadn't been built would the downtown still have fallen into the doldrums in the 80's? Absolutely.
It's been 25 years, and after all this time I don't think its a zero-sum game anymore. The mall is one hub of activity in Edmonton, and so is Whyte, and the Downtown should be too.
So yeah, I really like the mall.