I argue fast loading times are more useful for handhelds than on a desktop, but you still don't need them.
You don’t need instant loading times on the go. Something has to be sacrificed for the format.
Handhelds are meant for fast paced play sessions, if you have to wait a minute or two between playing a level of the game and the next something is wrong. (Still, depends on the game, and for the most parts SD Cards are still fast enough.)
I completely agree with the second part, something has to be compromised.