You could work out in the holodeck... you won't, but you could.
Yeah, you could get some of those Klingon battle programs Jadzia and Worf use in DS9. I mean, you won't, but you could ^_^ It's more likely people would use programs more along the lines of the erotic programs that Quark tried to make of Kira in that one episode for some random pervert. ^_^
You are making people pick between food and sex.
lol. Well, unlimited food and unlimited sex. Which is why I'd go for the latter. People are saying having a holodeck will make you lazy, but not necessarily. I think people would mostly overuse their food replicator. I think I'd rather work and just buy regular food, then have the holodeck for entertainment. As cool as a food replicator would be, it's like asking me to choose between unlimited roast beef sandwiches on the one hand, and the possibility to go anywhere and do anything on the other.
A universal translator would be fun, but since I work as a translator, I'd be out of a job if such things were readily available.
So yeah, while it may not be practical in the way a medical tricorder would be, a holodeck does seem like the most versatile entertainment option.
But imagine if we really had holodecks. I'm sure they'd come up with all new mental illnesses and holodeck-addictions. People wouldn't want to leave.