Hi alexed,
Back when I was holding stock (I had ten thousand shares of QCOM at one point), I traded covered calls a great deal. I think they're a wonderful source of income or a means to reduce the cost basis on a long term hold.
Since mid 2000, though, I've sold almost everything, as I believed (correctly) that the tech bubble would deflate. I still have SEBL and QCOM in my childrens' trust (it's a small trust) and sell cc's on them.
I also like calendar spreads: buying a LEAP call and writing monthly cc's on it to reduce the cost basis. If we EVER bottom <G> I'll look to be doing that on a few stocks.
Right now, I'm daytrading and position trading index options, mostly OEX calls and puts, but think we're close to a ST bottom on the Naz and will probably go for the crack cocaine of index options: NDX calls. They're like the QQQ on speed, but can make you a fortune if you trade them right. I had a nice trade on just two NDX calls on Friday afternoon, caught the short squeeze.
How about you? Do you write covered calls?