We did TotM as teenagers- worked great back then.
These days, in the game I play in, the DM sets up the session's dungeon or town or whatever using his extensive collection of terrains, tilesets, buildings, and zillions of minis. It works, especially for the way he runs his sessions, but I always see it as a bit limiting because in a way, I feel we are sort of railroaded by the setup.
When I run a game, I use a generic grid-square, laminated battle map and wet erase markers. When necessary, I'll draw a rough layout of the room on the map in front of everyone, and we'll use minis, or tokens, or dice, or what the hell ever to show placement of players, foes, and stuff. It's fairly quick, easy, and when an encounter ends we can just erase the lines and we have a blank battle map for the next go-round. Is it as pretty as a box full of painted minis and hundreds (thousands?) of bucks worth of terrain tiles? No. But it is faster, more expedient, and it doesn't tie a session down to a set area. Doing it this way allows me to keep the game moving, without set boundaries. I supposed you can always change tiles and such during a game, but it's time consuming when you could just be playing, and TotM works for everything except tactical (combat) situations, AFAIC.