Call me when they invent a pill that just gets rid of menstruation, and isn't a birth control pill. I sometimes think our whole discussion women's monthly cycles is focused way too much on menstruation, only discussing ovulation as it pertains to pregnancy risk. Benefits of monthly ovulation:
1. Mood is almost always better during ovulation than during menstruation (I can provide the research citations on this). Lybrel eliminates the downside of menstruation, but doesn't give you the upside.
2. Researchers have shown that sense of smell is key to humans' finding a mate. Sense of smell helps people find mates they are biochemically compatible with (has to do with immune system matching). However, this sense of smell is only accurate when women are ovulating. Turn off ovulation, and you lose a certain amount of "chemistry." Many women on the pill who get married and then go off the pill discover that they no longer find their mates sexually appealing. Women are also more likely to seek out physically attractive mates when they are ovulating. So there's a cost to interfering with the sensitivity of one's own "mate-choice" devices. (See research by Wedekind in Proceedings of the Royal Society, B, and by Doug Kenrick).
3. Women have a higher sex drive when they're ovulating and for a few days around it than at any other point in the cycle. Personally, I'd hate to interfere with that.

All I'm saying is that there are other reliable ways to prevent pregnancy. Vasectomies are reversible - let men mess with their bodies. I like my ovulation, and have happily never been pregnany. No Lybrel for me!