Like everything in Perl, the ternary is ripe for abuse if you want to abuse it. I used to work with a guy who wrote stuff like this:
my $send_now_button =
( !$auth{SEND}
? ''
: $status != 1
? ''
: $approved
? $send_now
? ''
: qq( ...blah blah ... )
: $send_now
? ''
: ''
);
Yes, that's a real-life example, in production code, for a multi-million dollar corporation, although I cleaned it up a bit.
Personally, I like the ternary, as long as you don't go nuts with it. I only use it in assignments, and I don't nest them.