I sort of liked the idea of spending that one night apart, just to build anticipation rather than from some Puritanical/religious ideal. My husband thought it was silly, however, and as it turned out we had about 5 out-of-town friends who planned to crash in our small, not-at-all-soundproofed apartment or camp in the backyard (we ended up with 8 by the wedding), so we stayed up way too late with them for several nights before the wedding and then just fell into bed and didn't do anything sexy. So when our actual wedding night rolled around, and we had a hotel room to ourselves, the anticipation was there anyway. :) We both got what we wanted: he got the joy of sleeping with me for those nights, I got the joy of suspense and expectation which can get lost in day-to-day life.
This is very much a YMMV type thing. I think in some ways it speaks to how people view marriage (not their partner, but the institution of marriage itself) and the sort of upbringing they had. I imagine those of us who were raised in more religious households, or ones that are just less comfortable with sex in general, are more inclined to spend that night apart and those who are less religious/more comfortable with sex as a natural part of life are less inclined to spend a night apart.