Being renowned in my small gaming group for my excellent parry save rolling, I may be slightly biased...
But despite my minimal cohorts sticking around far longer then they should some times, I find the parry invaluable. Coming from sonmeone who used to run 24 strong units of spearmen exclusively in 6th edition, I find spears vs Handweapon and shield equally usefull at all times... however hw + shields are cheaper, and in smaller games like I've been playing recently, that's a fair bit of points.Larger games too.
Modelwise, I've got two units of twenty sword and board, and a unit of twenty four spearmen. I'll use them all in a large game, but I'll use the sword and board before the more expensive spearmen pretty well every time.