If I don't have mine with me it's fine, but it's one of the things that I generally stash in my jersey pocket before I head out.
Twice I've broken pedals off at the spindle and twice I've broken frames while out on long rides. I can get through most minor mechanicals, but I don't carry spare pedals, and if any of you can pedal more than a couple of miles with one leg you're tougher than I am.
The times that I had a phone with me I was certainly glad that I did. Was it essential?, probably not, but walking up to a house to use a phone in a rural area while dressed in spandex clothing that's emblazoned with logos isn't my idea of a good time (probably not theirs either). Even in urban settings, phone booths are becoming increasingly rare, and if you do find one you got a fiddy fiddy chance of it being operational.