Here is my perspective from shooting a few baseball and basketball games so far with the 7D. I shoot RAW and high speed continues. I easily shoot 300-500 pictures per game of RAW and ISO from 400-6400. And I hardly shoot at an advanced level.
While the buffer is sufficient for most individual sequences, you sometimes find that you do multiple bursts close to each other, and with a slow card it takes longer to dump the buffer to the CF. SO you end up with the 2nd or 3rd burst slowing down to crawling frame rates, which can be very frustrating. Also doing a quick view of a sequence can be a pain as it is still dumping to CF. I.E. taking a sequence of a batter and then wanting to do a quick review for exposure and composition is slow, and then you miss the next pitch as an example.
Also viewing images seem slow when you scan a lot quickly with a slow card. Dumping 16GB of pictures to a PC from the a slow card also sucks.
SO I would say if you shoot a high volume of pictures a faster card definitely helps, not only for faster capturing of sequences, but also when you view and dump the pictures out. 18MP RAW files (especially at higher ISO) gets to be a pain quickly with a slow CF card, in more ways than just what fits in the buffer.
Only got my 60MB/s card (SanDisk) yesterday so will see how much of an improvement it is over the 133x card I used before.