My house came with ethernet in every room, and when we redeveloped the basement, I went a bit crazy and put three in each room in the basement. But I don't regret it.
Whether you're streaming to your PS3 or doing some heavy-duty file sharing between computers, having a hardwired connection is tough to beat. I have wifi as well, which is great for browsing around on the web sans cords.
Also - that switch that you picked up - we have one here at work that serves a couple of workstations and printers, and it does its job perfectly. Regarding the lack of an uplink port - you're right - any port will do. The router assigns the IP addresses and the switch just redirects traffic to where it has to go.
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