Clarification and guidance needed for EEA2 Application

My wife and I are trying to figure out my settlement status. We are both well-versed in EU immigration law, but unfortunately that doesn't help much for understanding UK policy. After hours on the UKBA site, calling the EEA2 helpline, and perusing these message boards, we still have a few lingering questions and would love for some guidance from y'all!

Here's the background:
I am an American and my wife has both American and Danish citizenship (lucky!). We came to the UK as then-unmarried postgraduate students in September 2010 and are set to graduate in November of this year. I had to obtain a Tier-IV student visa, but my wife, as an EU citizen didn't. My student visa allows me to stay until January 2012 but restricts me to 20 hours a week of work "during term time" (which technically ends in November). We married here in the UK on May 30th (after the CoA scheme ended). We plan to stay in the UK for the next few years after we graduate. I just got a part-time job, but my wife is still job-searching.

Questions:
The EEA2 form says that applying for a card is strictly voluntary ("there is no legal requirement..."). Does this mean that I can exercise my full rights as the spouse of an EU citizen even if I never apply for the residence card? If so, why should I even apply, especially in light of the absurd processing times and the horror stories I've seen on these boards? Other than the risk of a potential employer wanting a residence card for evidence, what benefit does a residence card actually give?

Assuming I do want to apply for a residence card, does it make more sense to apply now while my wife and I are students, or in a few months when we are both workers (I know that only her status matters)? My assumption is that we can wait until my wife starts working, then apply for a residence card, thereby skipping the whole Comprehensive Insurance nastiness. We're mostly worried about that awkward interim period between ending our studies and establishing ourselves as workers, and would like to avoid any "misunderstanding" with the UKBA or NHS if I don't have a residence card or application in process.

Finally, what happens to our health coverage if I don't ever apply for a residence card? As students we are currently covered by the NHS, and I am receiving medication that was prescribed to me by an NHS practice. We were both dropped from our parent's private insurance policies in the US when we married, but my wife has coverage in Denmark. So what happens after we graduate and start working? My gut assumption is that since we will then be paying taxes and thereby averting the EU policy on not becoming a burden on the system, we'll just continue on the NHS without worry. However, we'd love a second opinion and simply haven't been able to find relevant information anywhere. As Americans we are naturally terrified of losing health coverage!

In brief:
Why should I apply for a residence card, especially if I'm not worried about future employers or landlords wanting one?
If we apply with my wife as a worker, do we avoid having to find private insurance coverage?
If we start work in the UK and pay taxes, are we still totally covered by the NHS? If we stop working at any point (even temporarily), are we both still covered by NHS, even if I don't have a residence card?

Thanks for reading and we'd love any guidance y'all have!

Why should I apply for a residence card, especially if I'm not worried about future employers or landlords wanting one?

The only other reason would be making it easier to go via UK border control when traveling. Otherwise, you will need to prove your case every time (or at least every six months).

If we apply with my wife as a worker, do we avoid having to find private insurance coverage?

yes

If we start work in the UK and pay taxes, are we still totally covered by the NHS? If we stop working at any point (even temporarily), are we both still covered by NHS, even if I don't have a residence card?

Yes. Unlike the US, the GP won't ask to see your insurance when you are having treatments. The NHS don't act as immigrations officers and will not ask for the residence card.

1. As already mentioned, if you travel out of the UK, if you don't have a residence card, you might have problems re-entering the UK. The immigration officers will want proof you are legally resident under EU law and have the right to re-enter the UK without a visa.

2. The Govt is strict with employers. Employers are supposed to regularly check their employees continue to have the right to work in the UK. It is easier to show a residence card than show your passport, your EEA sponsor's passport and start quoting EU law about your right to work cos your sponsor (your wife) is an EEA national exercising Treaty Rights in the UK.

I know of cases of employers causing problems cos they they wanted to see a piece of paper as proof, so they can photocopy it to prove they have checked the right to work.

One employer was offering the person a job, but wouldn't hire till they saw a visa giving the right to work - it was like talking to a wall, trying to explain to the employer that the person does not require a visa or work permit under EU law even when shown the passports etc.

The non-EEA person then told them they don't want to work them anyway after that, cos they found another employer who listened, knew the law and accepted the person has the right to work, cos they showed the sponsor's passport and proof of family relationship( the EEA sponsor went to the job interview with them too).

But after a year the employer's office staff wanted continuing proof of right to work. This time it was a case of photocopying the EEA sponsor's passport and printing out the Govt's Business advice website's information about who has the right to work in the UK which confirmed in writing that non-EEA family members of EEA Nationals who are exercising Treaty Rights do not require a work permit.

They showed that info and the passports as proof they don't need a work permit or visa.

So, yes, you don't need a residence card. It's a long wait and nuisance applying for one and you can live without one, but there can be some advantages in having one too.