I review a lot of resumes and I see very few cover letters. Early on when I'd get one it'd get me excited and I'd make sure to read it. Then I realized that 99% of the few cover letters I received were so paint by numbers that it just wasn't worth my time. So now I don't read them. I understand that there's some tiny fraction of applications with a genuine, heartfelt, quality cover letter that I'm missing, but that's such a small number I'm ok with it.
When I spot a resume I like, I then read/look for the cover letter. I imagine you do the same. So there is probably some value in writing a decent cover letter at the very least.
