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It's essential for me. I replay my games all the time, especially since I own Nintendo consoles. that means that if I want to pop out Mario Kart or Super Smash with my family, I'll need a backwards compatible device (and no I REFUSE to put two consoles under my TV).  Other than that, I don't want to go rebuying all of my downloadable games again.  Finally, Its a way to ease myself into the new gen because I feel like getting the new console is a net plus rather than a "the pros are greater than the cons".  With the Wii U I lose nothing from my Wii (I have yet to buy and Gamecube games) and I have everything from next gen to gain.  So yes, it is essential especailly if I owned the previous console.