You really don't need it that bad unless you want to get to one side of the map to the other in like 2 mins
More like 20 seconds
It also essentially lets you glide all the way across the map at the same elevation which makes hunting for floating islands a breeze. All you have to do is sweep across the sky.
Not to mention you can bypass doors/stories in buildings without needing doors. Same applies for caves. You can teleport from where you are to another cave on the side of your screen without needing to dig to that side 50 blocks.
Oh and forget the fact that it makes dungeon maneuvering laughably easy and can, if you really wanted it to, take away the need for any kind of spectre/lightning/hermes boots and the cloud/blizzard/balloon in a bottle opening up accessory room for other great ones.
hehe