I don't completely agree with your post.
First things first: as said in the post above yours, the wiki is about reformatting the /home partition, not the big vfat one. Maybe this should be made more clear in the wiki page. The "need" to reformat might be an overstatement, it's more like "want" to reformat. Don't forget that the majority of users don't want to repartition/change FS at all.
Anyway, judging by my (simple) benchmarks, ext4 is quicker in copying big files too. A more extensive benchmark is to be found here.
As far as I know wear-leveling, at least on the N900 its NAND flash, is not managed by the filesystem so this should be a non-issue.