John, you asked about pros and cons of telemetry, I'm only dipping my toe into telemetry with my receivers sending back RX battery voltage and received signal strength, but I can't see there being any negative aspects to having a bit more info on what's going on in your plane.
The RX battery voltage is set to warn me if it drops below a value I've set. The signal strength is useful for piece of mind, and again the radio will warn me if it's low or critical. I've also chosen to have my radio log these and it also logs all stick inputs too, this has been quite interesting to look at, but I'm not sure there is any real valuable info that I can glean from it. Having said that, if (when) I loose a model I should be able to look at the logs and see if I lost contact or simple stalled the model.
I'm going to get a voltage sensor for my flight packs, and I know someone who is playing around with a GPS sensor, I'm interested to know how that copes with inverted and knife edge flying. I'd be interested to know how high and far I fly as I'm terrible as estimating distances.
As for the talking aspects, I've paired mine down to 'important warnings' which hopefully I won't hear, 30 sec timer to remind me to land and switch position confirmation, it is just reassuring to know that it was the retracts I put down and not the motor kill switch, otherwise landings happen a little quicker than expected!
I'm also using the telemetry to switch the timer on for my little slope soarer, so when I plug the battery in and the receiver connects my radio waits 15 secs then starts the timer (and data logging). That way I don't have to remember to flick a switch.
Anyway it strikes me that your sudden interest in this seems to coincide with Pete making excellent progress on the Mig.
Can you get a fuel flow sensor that will calculate your fuel reserves and convert that into flying time?