In my opinion, no soft-synth or VST can match a good bass guitar, well played. There's no substitute for the level of versatility, subtelty and flow. Almost any other type of desired bass tones/effects can be derived from a P Bass with the right processing, in my experience. Just make sure it's well tuned!
That aside, I prefer a real bass mostly because I have more fun with it than a step-sequencer or MIDI keyboard. It gets my head out of the computer for a little while, which always helps.

I still use VSTs/softsynths occasionally, but mostly when I'm not in the studio.
For the first few years of making music, I hardly touched bass at all...it left a lot of my earlier stuff feeling kind of empty, in my opinion. It's one of those elements that you don't really notice until it's gone, and the bottom drops out of the track. If you want to make some solid tunes, knowing how to lay down a proper bassline is essential.
P.S. EQing is the toughest bit, so more on that later. For now though, my personal test is to make sure the bassline is audible and clear through crappy laptop speakers, or earbuds, and then do a cross-check on a good system to make sure it still shines. You'll find that too much EQing can make your bass sound detuned, though, so careful of that...cutting out some frequencies will eliminate the harmonics in that range, and confuse the ear.