Most of the guys I know who've done have let it lapse. It's no doubt a good thing to do if you are going to be very current in using it in anger (but note the caveat below), and will be flying a suitably-equipped aeroplane.
But if you really want to go places reliably all year round you need an IR and a de-iced aeroplane - anything else is a halfway house, and serious IFR without all the skills and equiment is a fool's game.
If you want to improve your handling skills and really learn how to use the stick and rudder (as opposed to those knobs and displays), then get yourself some aeros training.
SSD