Titanium is normally found partnered with some other element, so whenever you refine it there is a lot of leftovers. The most common refining process uses chlorine, magnesium, and lots and lots of electricity. Is it any worst than other materials, depends on the application. If you are using a high nickel alloy (for heat or corrosion resistance) and a titanium part lasts several times longer in use, then titanium has less of an environmental impact as well as being more economical.
And on a personal note, i would much rather have a set of lightweight titanium wrenches than a set of titanium golf clubs.