I find that inheritence allows me to save a ton of code, but using it widely does mean you need the ability to refactor, which isn't hard in Java or C#, but can be more of a pain in languages like Ruby.
You often end up with a subclass that may be thousands of lines in length if you consider it's flattened definition.
Also, most modern IDE's have a "Find Declaration" or something similar that allows very simple traversal of class hierarchies. And the help systems are built to allow for easy navigation of the hierarchy so that you can visualize the inheritance paths.