Yesterday I put together a single speed bike. I decided to convert one of my fixed gears, which I'd previously converted from an old 12-speed.
I had most of the parts already laying around, so I just had to buy a freewheel and a brake caliper.
My real reason for the change was to free up some of the parts that were on it, for use on another project. I didn't want to leave the frame unridable after the stuff came off, and I've been wanting to try single speed. Now I have one fixed, one SS, one geared road bike, and one geared mountain bike.
I've already ridden it a few times, and it's a pretty fun and versatile bike. It's my first single speed (unless you count the first bike I ever owned, which had coaster brake, banana seat, ape bars... you get the picture).