I have to say that Leroy is wrong here when he states that the deadlift is nothing special, though I will say that he does have a point when it comes to approaching it like any other exercise. What I mean by this is that I for one do not believe in placing one particular exercise over all others, for they all play their part in what we want to achieve.
I have to admit I wasn't a huge proponent of the deadlift and avoided it whenever possible before I started training with my training partner, and this was in spite of the knowledge that there would be noticeable strength and muscle gains from having done them. The simple reason was because of what John (my training partner) once said to me "because it's hard work" - which it certainly is.
The deadlift is difficult because being a compound movement (which means it incorporates more than one muscle group), it utilizes most of the largest muscles groups within the move which can often make you feeling dizzy and light-headed. It can also make you feel like you've just run a marathon. In fact here is the list of all the muscles that are used with the deadlift (taken from Wikipedia):
The deadlift is a compound movement that works a variety of muscles groups:
The grip strength (finger flexors) and the lower back (erector spinae) work isometrically to keep the bar held in the hands and to keep the spine from rounding.
The gluteus maximus and hamstrings work to extend the hip joint.
The quadriceps work to extend the knee joint.
The adductor magnus works to stabilize the legs.
The deadlift activates a large number of individual muscles:
Rectus abdominis (under aponeurosis)
Abdominal external oblique muscle
Abdominal internal oblique muscle
Intertransversarii laterales lumborum
Serratus posterior superior
Serratus posterior inferior
Flexor digitorum profundus
Long list isn't it? Indeed it's very hard work!
Now what's important here is that you've already figured out your goals.
Because the deadlift incorporates so many muscle groups, you may feel that you are tiring yourself out on other exercises, in which case you won't be fulfilling your maximum potential on them due to fatigue. If you're a strength athlete (powerlifter, weightlifter, strongman and so on) it's a given that the deadlift be incorporated into your training regime, however for bodybuilders the motivation may be slightly different. I do know of some bodybuilders who don't do deadlifts anymore simply because of the reasons stated above, however this is not to say that they can't do them! Some bodybuilders may feel that they just aren't getting the most out of their isolation movements because of the groups involved within the deadlift (which is totally understandable) however if not, you need to make damn sure that you are getting the most out of them.
We should all know by now that deadlifts and squats are great ways to generate natural testosterone levels - which helps to develop muscle mass and improve strength and which in turn has led to the exercise gaining almost mythical status, but we have to remember that deadlifts alone will not create the physique that we all yearn; hence why I don't rate just one exercise over all others.