Other benefits of hanging out: clothes smell great, less shrinkage, the sun kills germs, and clothes last longer (all that lint is worn-away fabric). I like it because I'm more aware of the outdoors--I have to be aware of the pollen count and plan for rain, although I do have lines strung in my basement for winter use.
I use an umbrella style clothesline which doesn't sag the way a line stretched from tree to tree does. Generally, I hang clothes upside down to prevent clothespin marks on my shoulders and things I don't want to fade get turned inside-out. I fold right off the line to smooth out any wrinkles but dressier clothes might need 2 to 3 minutes in the dryer on the "wrinkle release" setting. More tips can be found on the GardenWeb which has forums on all sorts of interesting topics!