Hi Todd,
I've been using MRTG/RRD for years and can't say enough great things about it. I started to play with Cacti a few months back but other work pulled me away and I haven't gotten a chance to finish my evaluation. I've actually been using 14all.cgi with some custom changes and have it integrated into my corporate Intranet site. It works really nice, I can just place a URL in the CSM solution and up pops a dynamically generated graph.
We also run a custom written Perl script that calls fping and pings (ICMP) all 700+ devices we monitor every 60 seconds. This insures that we know immediately if there is a problem with any of the devices. On top of that I would probably tell you that SNMP traps are the next most important component to any network management. SYSLOG is great but unless you have a script like swatch examining the syslog data you may miss some important events. I use HP OpenView but you could definitely get away with utilizing Net-SNMP's trap daemon configuring it to take various specific actions when a specific SNMP trap is received.
I currently generate email messages for the following SNMP traps, power supply failure, card failure, SLPP down, VLACP down, VLACP up, SMLT down, SMLT up, temperature alarm, UPS on battery, UPS off battery, IST up, IST down, etc.
Have a look at the graph below for a very busy 50Mbps Internet connection.
Good Luck!