When the 1D Mark III came out (first with sRaw), I saw someone at dpreview (a sports photographer) saying that for the sort of work he did, the resolution wasn't important, but that it would be valuable to be able to send a smaller file wirelessly (using the WFT-1 or whatever it is called) to his editor. The smaller file size would speed up transfers.
On a 1Ds Mark III, the 5MP sRaw seems more useful to me, as it is more than enough for casual shooting. Though, why you would bring a 1DsIII for casual shooting is beyond me.