I fully support the proj work as *the* way to go with client-side transforms. With or without that work, we still have this SphericalMercator layer mixin. This already gives us two API methods to deal with tranforming coordinates into instances of LonLat. This helps for people who want to do things like display mouse position, or set center in one SRS while the map is in the other.
What we don't have - and what we won't have if the proj lib is optional (which we all agree it should be) - are methods to transform geometries to and from Spherical Mercator (using EPSG:4326 as a base). This requires no significant new code - just some handy utility methods that use the existing API methods (forwardMercator and inverseMercator). As long as SpericalMercator is part of the API, I think it makes good sense to allow people to transform geometries correctly.