Scroll wheels are a ridiculous interface that we tolerate because they're useful, but if we had a better alternative I think they'd quickly go extinct and no one would miss them. The problem with scroll wheels is that you end up scrolling up and down in a jerky fashion because you have to reposition your finger constantly. With a TrackPoint style control, or something like the spring-loaded pitch-bend wheel on most MIDI keyboards, you don't have to reposition your finger and can just scroll.
I haven't investigated what's involved in building a custom mouse these days, but it's kind of tempting.