I peel all my firewood, but usually I'm dealing with dead trees and loose bark. I use an otherwise useless little hatchet like this:
It's slim profile is great for getting under loose bark and removing it in sheets.
If I'm dealing with stubborn or fresh bark, I use a drawknife. I cut my logs in 4-8ft lengths so I can wedge them between two uprights on my sawbuck, leaving the log sticking up at an angle and gripped tight. I peel the available surface, then turn the log a bit to do more. Once I've peeled that end of the log I flip it around and do the other end. I'm not sure this makes sense.
My reasons for peeling firewood are:
1- it DOES dry much quicker, whether split or not
2- fewer bugs brought indoors. It sucks to have spruce bugs come out of their winter slumber and crawl around indoors.
3- Mulch! I can generate several cubic yards of bark chunks in one winter's work.