My opinion, and I believe it is a fairly widely held opinion, is that it is not necessary to practice technical exercises. That's not to say that there isn't value in studying them, but the truth is that you can, and should, turn difficult passages in the pieces you are playing into exercises of your own. I've always found this a much more enjoyable and effective method of building technique. In the end, though, it matters less what you practice and more how you practice.