Depends. Did you rip them at a high quality? If so, then not really, no. Or, at least, I can say that I have never missed mine.
The only situation where I would find myself missing my movies is if my drives died and I lost everything. Then I'd miss not having physical copies. However, if you are smart about how you store your data the chances of that happening become increasingly remote.
For example, right now I have a Drobo with some 2TB HDDs. That gives me a certain level of data redundancy. This will eventually be replaced by an NAS running RAIDZ for increased data redundancy on the device. This will be augmented by a second NAS with an identical setup. Why? Because then I can mirror the two servers and have two separate yet identical copies of my data with each device having redundant copies.
At that point, it would take a house fire or some natural disaster to cause me to lose my data. And, let's be honest, I like my chances and if it did happen I'd have bigger things to worry about. Everything I couldn't afford to lose is backed up in the Cloud (hallowed be it's name).