Here's some info straight from the horse's mouth (SqlTeam.com). It seems using @@Identity is potentially bad. They say to use scope_identity() instead. See for yourself.
I'm not a TSQL guru, but I know several people using TSQL in the mojority of their products, and I've seen @@Identity in their code.
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Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in anyway.