Probably don't need the straps unless you're really flexin, and have a big lift with aftermarket links and longer shocks.
Disconnecting the swaybar for SLOW speed offroading is awesome. You need your swaybar for everything else. Just my experience.

 

More body roll with fast jerks of the wheel and sharp curves √

Awesome when it comes to flex off road √

Can't tell much difference if you drive with some sense √

Limit straps needed? Maybe/maybe not. If you're getting air or dropping one tire into a 4' deep hole then maybe, if not then no.

Watch the first truck in this video and pay attention to how far down the front wheels drop, that is without a sway bar.
http://www.youtube.com/watch?v=H0tXOneyOns

 

I forgot...if you tow, and do so on the interstate, you may want to keep your sway bar. With the bar disconnected, these trucks really yee and yaw in a crosswind, and adding a trailer with any sort of load could be dangerous.

I'm a huge proponent of disconnects, it allows you to have your cake, and your steak.