Yah I am among those who like to use "namaste" heartily. I think Namaste is there to acknowledge the presence of another person, especially nepali, and deem that you are in peace with that person. Of course, the element of respect is there, but I find it very amusing to use it with the peers too. Though in my experience, I have noticed that the female peers seem to get insulted with this gesture. They would rather resort to that cliched "HI.." . but I believe Namaste is SuperCool, at least for me.