To be honest, I've asked myself the same thing. Although I'd like to learn the skill and have it available if ever necessary, (and let's be honest, you never know) I realize that the only thing a handgun is practical for is for defending yourself against other people using handguns. There are other firearms/traps that will do the job better for hunting, wildlife on your property (not really an issue as I live in town). Of course, as with all things, you simply never know. The rate of crime in my area is very low (it's a college/retirement town in wyoming, so you never know if that octogenarian is a military vet who's packing a 1911, or if that 20-something just got back from Iraq.) but not to say it doesn't happen, and I don't want to be the one caught with my pants down.
That said, At the moment i'm mostly considering it for putting holes in paper, cans and bottles, not people or animals, so for target shooting, a small caliber pistol is still in the cards. I've had suggestions from the Firing Lane (they seem to mainly use them for self defense) for a S&W Police Trade in Model 10 in .38, Glock 19, or S&W 5906 in 9mm. A mkII is still in the cards in my mind for sure.