There is no doubt that being able to type faster can help with a lot of modern life, especially things like e-mail. As another person has already mentioned, typing speed often isn't the limiting factor as you often have to pause to choose your words, or think about what you are doing (as in code). However, there are many times when typing speed can be the limiting factor.

I have a big problem with typing speed tests though and the notion that you need to be a touch typist. Being a touch typist matters if you are employed entering someone else's writing on a keyboard. Most of the time though, what you are writing is coming from your own head. That means you don't have to be a touch typist as you can be looking at the keyboard. Typing speed tests always required that you look at the screen to see what they want you to type. Writing e-mails and programs goes straight from brain to keyboard though. It is still useful to use multiple fingers when typing, but being able to do it without looking at the keyboard is of less value.