They are no longer necessary for their original purpose. Having said that, even windows 95 could blank the screen as power saving so they haven't been NECESSARY for a long time.
They can be set to lock the computer which is a good thing. (Of course Windows + L is better)
At work the screen saver is created by our comms and media department and deployed to all workstations using group policy so its the electronic equilevent of sticking posters all over the place. Changes every couple of months.
They look pretty, sometimes. Not a very useful thing, but a feature none the less.