I love love love my clothesline. I dry as much as I can out there, really, until it's too cold to put stuff out w/o it freezing. And I can really see it being a huge chunk of your LG&E bill-I notice a HUGE difference when I have to use my dryer, especially with the cloth diapers. My yard is mostly shade, including where the line is. On a warm day, though, I could still get 2-3 loads dry (assuming I'm on top of it, and actually bring them in when they're done, etc). esp. if there's any kind of a breeze.
The birds do like our clothesline, though they seem to really only bother it when it's the diapers out there.

Occasionally, something gets bird-bombed but it's pretty few and far between. When it happens, I wash that item again with the diapers.
We have neighbors in back of us, so I tend to dry the "unmentionables" on a drying rack either in the laundry room, or up close to the house. I didn't pay too much attention until one neighbor leaned over the back fence, and asked us if we didn't have a dryer and maybe wanted to use his

. I decided to keep the goodies inside after that.