Team pedicure all the way. I didn't have my first pedicure until I was probably 40. Now I'm hooked. Get 'em twice a year, whether I need 'em or not. ;-) Blue toes for summer, purple for football season.
Honestly, I first went for the same callous/cracking feet issue as others have mentioned; at the time I was running and was pounding the hell out of my feet, and it seemed like a nice treat. Turns out I REALLY like having colored toenails, since that color doesn't have to be some variant of red.
Manicures, OTOH, leave me cold. I mean, sure, a little hand massage is nice, but I lift weights and beat the crap out of my hands, and it's just not worth it.
Pedicures at my place run $35 for a good hour, and I'd be willing to pay that just to sit in the massage chair with the footbath for that long. I always leave $10 for a tip, so it strikes me as a reasonable luxury -- cheaper than a similarly long massage for sure. And I save WAY more than that by dyeing my own hair at home (Overtone makes it super easy).