My oil pressure gauge is still working. It's factory stock and 31 years old and it hasn't failed yet.
It's in a combination gauge with the Ampmeter. I give it a scan every minute or so. Always watch both gauges when starting - to make sure oil pressure comes up quick and strong, and I check the amps to ensure the battery is being charged.
It's personel choice, whether you want one or not. If you don't want one, then you should have some other form of warning to let you know your lovely new motor just lost all it's oil.