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I have the long cord going through my desk and plugged into my powerstrip up and around all nice and neat and tidy like so when I have my comp at home I take the little adapter thingy off and have my computer plugged in with the longer cord, then when I travel I simply take the brick off and pop on the little 2 prong thingy on that I keep in my laptops bag.

Quite an ingenious powerbrick design. Sure saves me clutter and time when packing up my computer and allows me to keep everything nice and tidily threaded through my desk :)
 
I always use the longer cord with the MacBook, for 2 reasons, the first being the grounding that comes with the third prong and the second, it's a lot easier to move the MacBook quickly when the terrors that are my 4 year old twins come around to try and play "open the program" with it :)
 
Never used the shorter method, I suppose if I were travelling it'd be good to save a teeny bit of space!

I suppose I should clarify how I use it, when I leave the home I unplug the power brick from the longer cord leaving the long cord plugged into the wall. This is handy as the socket is behind a desk. So it is more convenience in my case rather than space saving.
 
I do not see how the shorter would be good while traveling. The power outlet is usually near the ground behind the desk.
 
at my uni the power supplies are either on the desk or on the floor very close to the seats so the long cable would actually be an annoyance.
 
when going to school from my apt I usually just use the "duck head" and leave the longer portion behind. But i found out that this limited my options greatly and was restrained to essentially 3 feet from a power source.

I'm starting to bring the long one with me. Helps a ton.
 
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