I've never really understood the need for a wheel speed sensor. If I understand how the data works, they would only be useful to tell you your *current* speed at any given point in time (which rarely ever interests me). Any averages (over time, distance, segments, KOM's etc...) would need GPS/location data.
I removed all of my speed sensors a couple of years ago and haven't missed them one bit.
Edit: My comments are framed in the context of normal outdoor riding. I could see a use for a speed sensor on your wheel for indoor riding (track, trainer, etc...), and possibly as a backup in areas where GPS may be unavailable or inaccurate (heavy tree cover, some city areas).