I don't think it's quite dead yet!!
My Brothers Company still uses 95b on all their Workstations, because they don't want to buy their 70 or so licenses yet, and they rarely have crashes.
Win95b works quite well on older computers, it runs faster, and a little more stable. I know a lot of people who haven't upgraded, because 95b works rock solid for 'em!! I had a lot less problems with 95b than I do with 98SE.
My second System (Tyan Trinity AGP 1598, K6-2 500/Voodoo3) is currently running Win95b Quite Well, with all the Updates, DX7, and USB/AGP support. It's really a toss up. Moonbender pretty much hit it on the head. I do like a few things in 98, RegEdit is easier to work with, and Internet Connection Sharing has made life a lot easier than manually configuring my home Network.
Also...... FAT32 Drives are supported under 95b (using a newer FDISK, or Partitioning Program), although, FAT16 seems to run a little faster.