I think it's just a nice to have, but depends what you want to do. I've managed so far without one, using torches for rough cuts (mainly demolition) and heat treatment, then various mechanical cutting tools for fabrication, see list below. I'll have to go through a lot of cut-off and grinding wheels before I reach the price of a plasma cutter, though the plasma would save time.
Tools I use regularly:
-MIG welder
-chop saw
-reciprocating saw
-jig saw
-rotary air tool (die grinder, cut-off wheel)
-circular saw with fibre steel cutting wheel (think hand chop saw)
-angle grinder and cut-off wheel
-drill press