Is it necessary to have, no. Is it desierable to have, yes. Personally I will be purcasing a new unit and installing it this winter as my current one has reached the end of it's useful life. I find it important enough that I want to replace it instead of live off of GPS alone.
You need to know speed through the water as well as speed over ground if you want to really optimize sail trim and boat performance. On one tack you may be sailing parallel to the current, and the opposite tack be perpindicular to it, knowing what the current is doing allows you to sail the boat better (and pick the most favorable tack). GPS will only tell you that you are going slower, not tell you why. STW will tell you if you really are at hull speed or not, GPS SOG will never tell you that.
Also remember that charts and current predictions don't always give you enough information, and most importantly, they are predictions, not measurements, so they may be significantly wrong at times when the weather isn't playing nice.
As "Gudenuph" mentioned, it's really good to know when deciding what side of a rip line you want to be on (something no chart will tell you).