You will wish you did the first time you decide to record something for video playback.
Hardly in the spirit of DSLR though, its a feature I have never seriously used on any of my cameras, just need to look at the old camcorder tapes that have never been watched to know its a waste of time.
I didn't really like the idea of video to start too, but I've come round to it a little. I've often taken videos at work whilst the camera is hooked up to a microscope, and the £200 commission I've been asked to take a couple of 30s videos. Can easily do that all from the 7D. I wouldn't consider it as a replacement for a dedicated video camera, but it'll do in a pinch.
I really need to replace my 50mm lens (It died when I thought my camera was connected to the tripod, it wasn't, and it met the floor), I want something small that would mean I can conceivably take my SLR with me everywhere. 40mm pancake might be an idea.