No it is not. Yesterday, I covered my vehicles speedo and did some "guess the speed" tries.
I was consistently off by 5-13km/h. Tried during whole 25 minute driving commute. City and highway.
I didn't feel like anything vital was wrong with the vehicle at any time. Though I drove 10% slower.
I even tried with music playing. Estimations were still reasonable.
Let me list you some things that are vital and things that are not:
ABS no, hydraulic brakes yes, driver door window lift yes, central locking no,
driver side windshield wiper yes, rear wiper no, turn indicator lights no, brake lights yes,
driver side low beam yes, passenger side no, traction control no, horn yes.
Speedometer no, tachometer no, fuel gauge no, ambient air temperature sensor no,
clock no, navigation no, glove compartment light no, voice recognition no, existence of
binnacle behind the steering wheel no, heater-blower yes, AC no, engine oil pressure light yes.
I think that you would disagree on many things here if you disagree with speed reading.
Let's agree on word "vital" in automotive sector - must be fully functional at all times.
Why speedo is definitely not vital: because we don't look at speedo while we drive. We sometimes
glance at it. If it would be vital we would not be able to not look at it at any time. Though speed limits
always apply (except autobahns and tracks etc) most of us will be able to safely continue commuting
without speed reading. If some of us can't, that would be mean lack of skill that can definitely be learned.
Will speedo make things safer? It might. As will ABS or rear wiper or ambient air temperature sensor or
adjustable instrument cluster brightness control.
And to Jeff: Not all are so incorrect. The best I've seen is the latest BMW that shows exactly +3km/h at all times with OEM tire dimensions. Most vehicle fit between those extremes. Nevertheless, wrong is wrong.
I made a video to prove extremely incorrect reading that is done on purpose and not accidentally.
Average speed reading will be reset.