I think there's been a lot of good advice in this thread so far, but I might as well throw in a few thoughts...
The answer is going to vary enormously from cyclist to cyclist (he says, helpfully). For me, I love being able to track my rides and keep a record of everywhere I've been, and I really wish we'd had the technology in my youth. I'd love to be able to retrace old routes in particular - after months of pondering (and thrown by some road changes), I've only just managed to work out one of my regular routes from years ago.
But I don't want to see a constant readout of things in front of me. When I'm riding, I want to be looking at the great outdoors and not at a computer display, and I find a speed or distance display distracting. In fact, when I resumed cycling a couple of years ago, I got a handlebar-mounted computer at first. But after a couple of months I took it off, as it was annoying me.
For tracking, I mainly use the Strava app on my iPhone, which I carry in my bag (with a USB battery pack, as its battery life isn't great otherwise). I might check my distance at rest stops, but I mainly ignore it until I get home and upload the data. Very occasionally I'll use it for GPS directions (though usually I know my routes or I'm with other people who do), and for that I have a top-tube bag which carries the phone and the battery pack.
I also have a fitbit watch with GPS/HR which I generally wear anyway, and I use that for tracking short rides (usually when I'm not carrying a bag). I can sync rides from that with Strava too. I mainly use it for keeping a check on my overall daily activity generally rather than specifically cycling, including HR recording as I keep a check on that for health reasons.
I have no interest in cadence monitoring, as I've no idea what I could possibly do with it - my legs do the cadence on their own, with no conscious input from me. I can see that it can be useful for some, especially competitive cyclists, who might benefit from optimising their cadence - but I can't see it being very useful for most leisure cyclists. Some people link up power monitors too, but again I don't see that as much use for most leisure cyclists.
And, I've just remembered someone who sometimes rides with the same group as me. He has a wireless computer, but carries it in his pocket rather than mounted on his bars - like me, he uses it for tracking and doesn't want directions and live monitoring.
And, finally, sorry for the unexpected amount of waffle!