There is no doubt that an energy store is needed if wind power is to displace more than 35-40% of electricity consumption,
Production is dictated by the weather. This inflexible (and unreliable) supply of electricity is obviously a problem from a supply guarantee point of view. Moreover it skews supply and demand curves for electricity and puts downwards pressure on electricity price.
In the Scandinavian north pool electricity exchange market, wind power is always bid in at a price of 0 (zero!). Then all other suppliers bids in, and an average price is found. Paradoxically this means that revenue falls off sharply once production increases past a certain threshold. Since 2000 there has been 200 hours where wind power electricity was FREE on the north pool because of this market mechanism.
An effective energy store would solve both problems.
On a pure per KWH cost basis wind power is competitive. The first phase of the London array with 175 3.6KW turbines will produce at a cost of 8-8.5 pennies / KWH. The average price of electricity in the UK is 10-11 pennies / KWH.
If the London array had been on-shore, construction cost would be halved, but electricity production would be lower too, so it would still cost 6-6.5 pennies/KWH.
Wind power is halving power production cost every 15 years. Even if the compressed air/adiabatic heat stores don't pan out, in 15 years time it will be economically feasible to produce syn-gas (hydrogen or ammonia), and use that for power generation when it isn't windy.
Cheers