Why is DoubleBuffered disabled by default?

After creating a new form, I usually perform this ritual:

1. Change the name into something meaningful;
2. Type a Caption;
3. Change the position property (DefaultPosOnly is hardly ever what users expect);
4. Set ShowHint to true;
5. Set DoubleBuffered to true;

I've been wondering for a while why the default value is 'False'. To me it just looks low-tech and crappy, and on my new machine I don't notice any difference in performance.

Is doublebuffering problematic on older machines, VNC, Remote Desktop or in Virtual Machines maybe?

Do you leave it on or off? Any recommendations?