I don't mind team chat, but I must admit, there are some games where it really doesn't help, things like UT etc, for example, teams either work or not, no amount of shouting would change that, people either naturally fall into a role in the team, or it all tends to go wrong.
Freespace 2 has limited advantage to my mind, you'd need to have awareness of every ship in your wing for it to really help, and the chances are everyone is going to be off doing their own thing and not be in a position to help another player, even if they needed it.
It's fun from an immersion point of view, and might be of use to squads who play together regularly, but from the point of view of furballs, or throw-together teams, I'd see it more as a gimmick than a useful tool.