I disagree. Speed in the leadoff spot is crucial. Yes, its moot if the batter can't reach base or if the people behind him suck, but with a decent lineup and a decent bat, speed DRAMATICALLY improves a player's value.
The old, beaten to death cliche says that baseball is a game of inches. And it is. The extra infield dribblers that Ellsbury beats out, or a 2 out steal of second that puts him in scoring position (and you know he'll score on pretty much anything) are extremely valuable. Especially looking at the spat of close games the sox have lost recently. With Ellsbury producing and (I'm trying to avoid saying this but I can't) manufacturing runs, or at least some chances at runs, we win a lot of those games.
So yes, I agree that his speed is useless unless he performs well in other areas. But if he's hitting on all cylinders, look out.
This just got me thinking. Is there any possible way to see overall opponent pitchers ERA or WHIP or BAA with a guy like Ellsbury on first? You need to take the distraction factor into account too. I gaurantee you Ellsbury on first helps the batter more than Varitek on first does. (Stats might be skewed because of who follows Ellsbury in the lineup though..would there be some way to account for this?)