Uhh, when new and under warranty....
When they were all stock and unmodified, sure. What goes wrong with an engine that is treated as a daily driver? (4 speed V8 cars not included)
If I'm rowing through the gears with a performance build or driving some distance from home, I'd sure feel better having some warning.
If you have a performance car, Having an idiot light for oil pressure or water temperature is like only having a light to tell you that you're low on gasoline.