There are many ecological benefits to having intact predator/prey dynamics. Predation is an extremely important variable in wildlife ecology. As much as we (humans) like to claim that we have replaced large predators, we simply haven't come close. Predation helps regulate a lot of variables in the natural world and impacts game populations, positively and negatively, in ways that humans are incapable of. Are there consequences of having large predators on the landscape? Yes, absolutely, but if there are suitable habitat and locations capable of supporting wolves, then I am all for it.
I live and hunt in the epicenter of wolf and grizzly bear populations in Wyoming. I, personally, find a lot of value in knowing that there are still places in the world, some in my backyard, that are still relatively intact (biologically). Have wolves affected elk populations in my area? Yes, they behave differently. Has it affected their numbers? No, not particularly, I have no problem finding and killing elk. In fact, we can kill 3 elk a year here. I literally laugh in the face of people who tell me that wolves will, or have, killed all the elk.
I also realize, that this is largely my personal opinion, and that there are many others who do and don't share the same opinion of wolves. But, I do think there is some opportunity for some middle ground and that the extreme opinions on either side of the wolf debate shouldn't dictate the conversation.