If you have no interest in Latin qua Latin, by all means feel free to cease your study of it.
Now you're putting words in my mouth, Imber. I'm very interested in Latin; if I weren't, I wouldn't have sought out this forum. I'm also interested in basketball. Studying Latin is about as useful as watching basketball, yet both are fun.
It amazes me that people think that they can do European history whilst ignorant of Latin.
It is also true that I've neglected to mention, as I did in the thread about a "Latin revival," that Latin is useful for people in certain academic fields, like history. However, it sort of depends on what you mean by "do European history" to what extent Latin is necessary; if you are majoring in it, you would do well to study several languages, including Latin. I think so too. But this is a very specific group; I don't think this benefit of Latin is felt by most Latin students. For example, in my high school where Latin or Greek was a required course for two years, I don't think it was necessary. High school students don't need to become intimately acquainted with the details of European history, merely read the major authors in translation (the alternative, of course, would be to learn French, Dutch, German, Italian, Latin, and Greek...) and go over events and dates. Same with college students taking a basic European history course. If by "do" you mean "major in," you are right, but if you simply mean "study" I would have to disagree.
I was under the impression that there is a large body of mediaeval writing which has never been translated.
This is why I said 'Romans' (see Quasus's post); in fact I consider some of the medieval Latin writings (the Principia, for example) to be far more important than anything the Romans ever wrote. I will concede that some of these works are less accessible in translation and often very important; however, even here, you'd have to be a history major to really require Latin (in my physics class, though we knew Latin, we read the Principia in translation).
Of course, I'm focusing primarily on academics here; if one were to take up Latin in his free time, as I'm sure many here have, how could I criticize? You can study Latin the way you watch basketball. I'm commenting here on the usefulness of the language, not telling anyone not to learn it if they wish. All of us have hobbies. It's primarily the instruction of Latin in high school with which I disagree, though the truth is I have benefited greatly from it. I don't think most who took my course did, though.