The 555 – electronic Duck Tape.
Loved, because it is one of the most ingenious chips of all time, and the various components on board make it a useful toolkit for experimenters and inventors.
Hated, because you can do everything it does more cheaply, with less currenet and vastly more flexibility with a small microcontroller and fewer components.
Of course, you don't need to program a 555…
Neil
(some may also mention that there are now more accurate, lower current versions of the 555 available)