Mike,
About the only time you would want to drop the database and recreate all of its subordinate objects would be if you have had a LOT of drop and create of tables/tablespaces/indexes and your DBD(s) has gotten too large. Also, most places you go there are too many objects in a database to enable the process you are speaking of. Also, with using the REORGs, discussed above, you can use CHANGELEVEL SHR and your object is available for use almost the entire time, instead of not existing.
Dave Nance
Dave Nance