It may seem like an unecessary or time consuming step to some but it's all in the details. Having a production booklet is a huge help to art buyers, creatives and the client. It's also much better than just a simple call sheet.
Most big production shoots have a line producer or production company working to pull everything together on the photographer's end and will normally have a production booklet. For the smaller jobs or for photographers who decide not to pull in a producer it's a big help to the team you are working with.
On several projects that I have been the art buyer on, I have been the one to do the production booklet, which was fine by me (I actually like doing it). Not all agencies will do this however. If there is not a producer on set/location it's the photographer who ends up being responsible for putting everything together why not have it in a concise booklet for all parties.
Normally what I include in my packets is the general contact info:
Studio or location address with a map and directions
Then more specific information:
Talent (if any) with headshots, wardrobe info (if already chosen) and sizing info
Location info (if any) with small jpegs and address information
Any layouts or product information (specs, images, etc.)
I also like to include any travel and hotel information (just in case).
I have found that the small detail of pulling this together has been immensely helpful prior to and on the set... especially for the client and the creatives. It's concise and all the information you might need is in one spot.