Dave,
I went mad a couple of years ago and bought a torque wrench. I bought a 3/8" drive Teng one which covers 19Nm to 110Nm as this covered most of the range I needed. To be honest, two torque wrenches is probably the way to go. Why?
A low range 3/8" drive one for small stuff 0-50Nm range and a 1/2" for the "heavy" stuff (50-150Nm) would be ideal, but I didn't have the cash so plumbed for a quality middleweight.
There seems to be a wide range of quality wrenches out there, some hold their calibration better than others. I went for the Teng one because I've used some of their other tools and been generally impressed and it was the best I could afford. The Halford's professional range of stuff has really come on a lot now though (and Halford's now sell Teng tools too!)
I got mine through Martin Plant Hire. They had to order it in, but it only took a few days and they gave me a 10-15% discount over the RRP for having to wait.
It's useful for knowing you are not about to overtighten that sump plug, brake caliper bolt, fork leg bolt, whatever ... but it's only as good as the calibration (don't wind it below it's minimum setting for instance), or the spec sheet you are reading for the torque setting.
The Haynes book of lies had the sump plug setting for my Sprint all wrong cos I had a 13mm bolt rather than the 19mm hex plug in the manual. I realized there was an issue as I saw the washer being crushed beyond what was reasonable. No damage, just an annoyance.
So while you can still overtighten and shear stuff, (if the wrench isn't set right or the spec sheet is wrong) I regard it as another safety catch. Common sense should still be your overriding setting though.
If you think it's tight enough, it probably is.
The only down side s that folks mistake you for a "proper" mechanic - just cos you've got a torque wrench.
Have torque-ing,
Spud