Steve, no question there are tradeoffs no matter what decision you make.
In my case, if I lost the left (near vision) contact, I would probably read my gauges better than I can with the lens - I'm nearsighted and the left contact is a compromise between near and mid-distance so that the contrast with what I see from my right eye isn't disorienting. If I had one contact that was *only* for reading what was right in front of my face and another *only* for focusing on things at a distance, the overall effect would probably be pretty lousy.
If I lost the right contact, I would still have near and mid-distance focus with my left eye (and even my right eye unaided for near things) - probably as good as the visibility of the water will allow in many places.
I haven't lost a contact yet, and think the risk of losing both at once (and having to end a dive because of it) is very small.
Still, I'd like to see some other people weigh in and keep this discussion about their experiences going, because I might be willing to try something else if I saw a real advantage to giving up the contacts. (The one thing I haven't figured out how to do is to use wetting solution under water, and I don't wear contacts every day because I don't like wearing them for long stretches - a few hours at a time every once in a while is okay.)