Misuse of "literally" has whipped some people into such a frenzy, they were moved to create a blog documenting these offenses to English. It's literally awesome.
When you see We Are Literally Exaggerating, of course, it's hard not to think of David Cross and his (NSFW) rant on the subject.
We recommend he never watch the Rachel Zoe Project.
It's one of those verbal tics that it's easy to fall into — hell, I'm sure we've been guilty of it — but when you consider it, probably does signal some depressing decline in national literacy. That said, we literally love what this peeve has given birth to.