I have read that the bubbles produced won't actually add any oxygen into the water, but they will supposedly increase the gas exchange at the surface.
With regards to the AC, I think the important thing is that the tank stays at a relatively constant temp...so you wouldn't want the tank to get really hot while you aren't home, and then run the AC when you get home and have the tank temp drop. These types of swings wouldn't be good for the fishes stress level.
Sooo...I guess my answer is that the bubble wand isn't a necessity (provided you are keeping a stable temp). My personal opinion/experience is that the bubbles look awesome (I have my wand buried under the gravel near the base of an anubius so the bubble appear to be coming out of the plant), my fish seem to enjoy playing in them, and they add some water movement to a part of my tank that would otherwise be a dead spot. I'm a big fan.