I would have thought some form of ditchable weight was essential for certain emergency situations.
Consider the dive accident detailed in the December '04 Scuba Diving magazine. If you have not read the article the basic story is as follows. The diver in question enters the water with a hidden gear malfunction (BC inflator valve was broken). His buddy was already in the water and had moved to the anchor line. On entering the water, the valve immediately fails and with insufficient air in his BC the diver starts to sink. The diver continues to struggle to inflate the BC, plummeting 160ft before grabbing onto the wall they were diving. At this point, he evidently attempted to ditch his weights (one weight was found partially out of its pocket) but unfortunately he was out of air and drowned before completing the task.
Clearly, a number of factors probably contributed to this accident (entering the water without a properly inflated BC, one buddy moving to the decent line and being to far away to help, incorrect maintenance of equipment) but had the diver ditched his weights he might well have survived.
Thus, I think some ditchable weight is absolutely essential. I'm certainly not saying making a rapid assent is 'optimal' but at least a diver on the surface can be treated for any resulting medical conditions.
Grey_Wulff