As someone who does quite a bit of shore diving with a decent little hike, and someone who backpacks as well, I can completely agree on the above...
My backpack is a Kelty with a nicely padded waist strap... When worn (and packed) properly, there is no weight on your shoulders at all... This means you need something to keep the shoulder straps from slipping side to side, thus, sternum strap... On mine, the sternum strap is a rigid strap, with a bungee to pre-load it a little...
On my bp/w, which I do, again, a ton of shore diving, I have no sternum strap at all. I don't do any chicken wing acrobatics to get into it either... It's a non-adjustable rig, mostly similar to a hog setup, I would guess... With my shoulders in proper posture for walking, standing, diving, it is snug, the straps hit my shoulders perfectly, and everything is great - no sternum strap...
Now, granted, everyone has their own preferences, but, from my experiences, a sternum strap is just a bandaid for an ill fitting or ill adjusted BCD...
I also don't wear a crotch strap with my BP/W, but thats because I rarely dive without a wetsuit and they are uncomfortable to me without a wetsuit on...