Posting Paper Drafts on the Web

I notice a lot of people post paper drafts on the web. Is this a good way to get helpful feedback on one's work? How long do you wait around with the papers up there, waiting for feedback? Then, when it's time to send them out, do you leave the papers up, or do you take them down? I guess I'd be worried about the referee googling the paper title, finding out what a loser I am, and then rejecting the paper on that basis. Thereby extending the vicious cycle of loserdom.

--Mr. Zero