I still just have a paper licence...
Me too, it's falling to bits but it's valid till I'm 70.
Likewise -- but I guess if I change address at some point I will be forced to shell out for a photo one.
ive still got my paper one, have moved house a gazillion times since i got it, cant be bothered to send it back. its endorsed with all the speeding fines ive had so its a bit like a doodle pad to be honest. each time it gets sent away i get told 'you really should update this with your current details' and i dutifully say 'yes yes i will' knowing i have no intention of doing so. my license has a load of vehicles on it that would probably disappear if i sent it back for a newer one anyway. the only reason i can see for sending off for a new version would be if i required some additional photo id or something.
ha! anarchy! 
You should do really as you can be fined upto £1000 for not disclosing you correct address.....
Change of personal details
To tell us about a change of address you can:
• fill in form D1; or
• if you have a photocard licence, write your new
address in the changes section on the paper
counterpart and send both the counterpart and
photocard to us.
To tell us about a change of name you must
fill in form D1. Please see leaflet ‘How to fill in your
application for a driving licence’ (INF1D) for
more information.
Important – you must tell us about any change
of name or address. If you don’t, you could be
fined up to £1000.How to renew the photo
on your licence
To renew the photo on your licence you can:
• fill in the reminder that we have sent you; or
• fill in the form D1
Please see leaflet INF1D for more information.