One needs to know how to meter properly and which metering mode to use for what occassion: center weighted, pattern or spot. Many cameras incorporate all three.
A separate incident flash meter is neccessary to meter the flash output from studio mains units as well as adjust the ratios in multiple light set ups. Once these parameters of gross exposure and ratios are determined, you can use the histogram on a digital camera to fine tune the exposure, ie, check and adjust for highlights and shadow detail.
You can also determine correct exposure by using the guide numbers of the flash units and adjust for distance and light modifiers. This is fairly easy to do with one light, but problematical for 2 or more.The time envolved makes the proceedure a bit tedious.

I am currently shopping for a light meter and I am curious about how useful it would be to get a meter with a spot meter included? For example: A Konica Minolta Auto Meter VF vs a Flash Meter VI? Is it worth the extra $200?

The question is how often you're going to use it compared to whether or not you really need it. I don't shoot studio work that often but already own a Minolta flash meter, so I use it on the few occasions I set up my studio lights. But I'd have to think twice about purchasing an expensive flash meter for two or three shoots a year when I can almost the same by reading the exposure off the LCD with a loupe when I use my D70.

But if it'll save you time day after day, or give you a more accurate exposure, go for it.

When does a handheld spot meter become important? For distant objects as in someone on a stage or an object in a landscape, for example? For studio and normal outside shots shouldn't an ambient meter or the camera meter work ok? As you can tell, a handheld would be something new for me.
Thanks.

You're correct.

Over the years I've owned two Minolta flash meters, and maybe a half dozen other meters including a Pentax spot meter. After carrying the spot meter a few times, I found that bracketing was easier and faster than carrying the meter and actually using it.

I'm not telling you to not get the meter. But for myself, I consistently found that the less equipment I carried, the better my photographs were.

Thanks. Sounds like good advice.

Of course, in the case of the Minolta VI, the spotmeter is built into the flashmeter, so you wouldn't be carrying anyting extra, assuming you would have at least 1 meter with you.