Repairing the drive can be done by booting to the Recovery partition. Since Mountain Lion is only available via download from the Mac App Store, you don't need an optical drive for maintenance issues that, until Lion, required booting from a DVD drive. So...in that sense, it's really not needed.
While it's true that many software applications can be downloaded these days, there are still a lot out there that are only available on disk. Also, watching a DVD movie on an iMac requires a DVD drive (duh!)...so there are still plenty of uses for these optical drives.
When I got my new iMac last month, I knew I'd need a disk drive, so I purchased an Apple SuperDrive at the same time. There are third party drives out there that work just as well (and are a bit cheaper, too)...so you're not limited to getting Apple's unit. If you want to burn or play Blu-Ray disks, you'll NEED to have a third party drive (and software), as Apple doesn't support Blu-Ray.