I find it very comforting and I am sure others would agree to be able to look at the flashing green led once I am in the water, and several times during the dive. My counts are floods = zero, leaks = less than 6, water damaged equipment = zero. On the other hand the flashing red led is not so comforting but it is better than damaged equipment.
If you elect to purchase a system without electronics PLEASE make sure that you have a FUNCTIONAL moisture / leak / water detector in your housing. Some of the lower end housings do not have this installed as standard equipment.