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Epiphany comments on Open Thread, October 1-15, 2012 - Less Wrong Discussion
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I've heard that cover letters are not very popular these days, some people are doing away with them and viewing them as just another thing that can get you rejected.
Before you put a lot of effort into this, you might want to check around and see if anyone even wants cover letters anymore. I know at least one significant company that does not even accept them.
I'm talking about personal statement. Not sure if this is the same as cover letter, but I do know that they require it. And it appears that mine is going to significantly increase the overall quality of the CV.