I too am curious to know what the consensus is. People seem to fall into one of two camps: 1. it's unnecessary if you disable password login or 2. it's an easy thing to add as yet another safety net on top of sane service configuration and firewall rules.
I've taken some flak here for being in the #2 camp so I'm loathe to expose myself once again, but my thinking is that even with password authentication disabled, sshd is still vulnerable to DoS attacks. From the public internet or from other machines in my VPS provider's datacenter. The ssh and recidive fail2ban filters add some minimal defense against that.