I've got one of the floating ball bearing type flowmeters for more accurate metering of gas on my MIG. All welding gas is expensive over here and you don't want to waste any. I also have a regulator. I have the regulator wide open and do the metering on the flow meter.
Some Very basic MIG machines come with a non-adjustable pre-set flow regulator. I think that is what the conversion kit for my flux-core Lincoln WeldPak 100 has.
Regulator will give a constant pressure, while the flowmeter will allow you to set the volume flow. Regulator is kinda a must, the flowmeter is a close second. Pressure and flow rate are kinda related, but both is better and if you use your MIG and TIG a lot, you'll pay for the flowmeter with the gas saved. Cheers.