Mine doesn't work either. I suspect that it is a bad wheel sensor on my car but that is just an educated guess.
If you want to fix it, you should have it properly diagnosed so that you aren't randomly replacing parts.
As you said, the "annoying" ABS and Check Engine light may have been removed. If you live in a area that requires emissions testing, the check engine light will be a problem. It won't pass if the light never comes on.
As far as the ABS/Traction Control, meh,... You can become a pretty good ABS system YOURSELF. And the Traction Control? Lame...