I just wanted to agree with something AquaNut said about not bothering to do tests if you have stable, mature tanks and you don't fiddle around with pH or KH or whatever. There is no substitute for observation and knowing your own fish really well.
This is yet another reason for progressing slowly when you start out in this hobby, and not try to get too many species at once. You can't get experience out of books or from chemistry sets.
The reason I do tests quite a lot is
1. Because I like biochemistry (I actually studied for a degree in at university) and I like to know what's going on.
2. Because I keep doing fancy things with my water, such as CO2 injection and trying to suit my water to delicate species of fish (this is a good way to kill fish, btw, and not to be recommended).
However, even I've chucked out water testing kits because they've gone out of date - I go through phases, such as when I'm doing fishless cycling on a new tank.
Next week I'm getting fish mail-order from a soft, acid water area of the country (our water's like liquid granite and high pH). So I'll be testing pH to get the fish into water that is half-way to the main tank's pH. I could probably do this without actually testing the pH but I'm very obsessive like that - I have to know the numbers.
OTOH, when you're a newbie with your first tank, or a more experienced aquarist venturing into more difficult fish (such as marine fish), you also need to know the numbers because you can't get instant experience and instantly know your fish. If you notice, when newbies join and say "My fish are dying but I don't know why" we all harrass them to tell us their ammonia, nitrite and pH. That's because unlike many experienced fish-keepers, newbies can't just look their platie in the eye and say "Oh, a bit of a nitrite spike in the tank and I think possibly my pH has just crashed due to a rather low KH..."