My lathe has 9 fixed speeds obtained by belt changing. I see no reason for any type of display on such a machine. My milling machine has a constantly variable speed so some sort of means of knowing the speed would seem to be necessary.
I used my cycle speedometer, recalibrated such that the display gave readings which despite being in either mph ot kph were actually the rpm measured. From this I produced a paper chart, stuck behind the speed control knob to give approximate readings. Simple and cheap.
It should be remembered that actual speed is usually not too important in the great scheme of things: often about there will be found to be ok. Therefore why bother with a digital display flashing away merrily and distracting you from what is actually going on?
Neil hit the nail fairly and squarely on the head in his leader in MEW 277. We absolutely do not need the implied accuracy and precision that digital devices purport to supply.
I do accept though, that in the absence of anything else, then digital will probably be the cheapest method of getting an indication of speed.
Peter G. Shaw