I wonder how many people enable global-auto-revert-mode

I don't know. But the idea was to make `global-auto-revert-mode' more visible (like `saveplace' and `uniquify') for people to know it exits... And may be turn it on...

Having a menu entry (checked or not) is also a way to display the mode status.
 
and how well it works when you have a couple hundred file buffers.

I have turned it on years ago and never sees any problem (working with 24.3.1 on Windows and Linux).

That said, one can customize `global-auto-revert-mode' to turn that mode on; So don't waste time with that patch.
--
Matthias