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I have done five, which is about one a year since I started running. I have knocked about a minute off my time (not my pace, alas) in those years, showing my dedication to the slacker philosophy.
Organized runs are a lot of fun, and I think there is a "bib effect" from the atmosphere, official timing, and permanent record that improves performance. I finished second in my age group on Thanksgiving, and for the first time took home a little prize in addition to my finisher's medal.
You should sign up! I bet you can maintain an 8-minute pace for three miles, as long as you save the cookies and candy for the finish.