The need for yeast nutrient is largely dependent upon your water source and its quality. The main potential deficiency that yeast nutrient addresses is zinc deficiency. Malt does not provide enough zinc to make up for water sources that are deficient. Deficient water sources are RO water, distilled water, and potentially any source that hasn't had much ground contact such as collected rainwater or mountain runoff.
There was a mention of zinc sulfate previously in this thread and it is almost a good alternative. Its problem is that the dosage rate with that salt is exceedingly low. You probably couldn't accurately measure and dose zinc sulfate in its dry form (for a typical homebrew batch), but you could probably mix up a calculated solution and figure out how much of that will be needed in your batch size.
I use RO water for brewing and I feel that my use of Wyeast yeast nutrient does provide a small improvement to the beer fermentation performance, although I haven't conducted scientific trials to confirm. I figure it's insurance.