Each to his or her own. For my part, QFE makes good sense in the circuit. I would also hope it would take some of the workload away in the event of a forced landing although I acknowledge that QFE only gives height above the aerodrome and the surrounding countryside is rarely flat. Nevertheless, not having to do mental gymnastics when everything else is going wrong has got to be a good thing, especially in an EFATO.
This has sparked a thought though. I presume it would not be that difficult for GPS to give a height reading given it knows the altitude and many also know the ground topography - a virtual radalt.