I have the L-558 because it was in stock at the store when I was just looking for a L-358. I didn't think I would ever use the spot meter, but I spent the extra money because I needed a meter that day. Now that I have used the spot meter, I find it to be a indispensible feature.
The spot meter comes in very handy for all the reasons that Chip mentioned, and it is far better than an in camera spot. In camera spots are not as specific as the L-558, and change with your lens focal length. For example, the area metered with an in-camera spot is substantially larger when using a 28mm than a 200mm lens, even though the metering angle hasn't changed. With the L-558 you know that you are always working with 1 degree.
The biggest difference is that you can't use an in-camera spot with a flash, but the L-558 is designed for it. You probably won't use the spot meter every day, but it is invaluable when you need it. When working with a subject that has extremes in lighting, you'll be glad you spent the extra money on it.
I don't use the Pocket Wizard feature because I don't have any Wizards. Its nice to know that the feature is there if I want it though.
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