A friend asked me today why we need to bother with the Completeness Axiom in calculus. Even though I have taken a real analysis course quite a while ago, I could not answer him and I realized I had the same question.
The Completeness "Axiom" for $\mathbb{R}$, or equivalently, the least upper bound property, is introduced early in a course in real analysis. It is then shown that it can be used to prove the Archimedean property, is related to concept of Cauchy sequences and so on.
Let's consider a formal proof of the limit of a function, the simplest I can think of: To prove $\lim_{x\to1} 2x = 2$, take $\delta=\epsilon/2$. Then $|x-1|<\epsilon/2$ implies $|2x-2|<\epsilon$ and the proof is complete.
The "Completeness Axiom" must be implicitly assumed somewhere in this short proof - where? This also hopefully explains why we can't take this kind of limit in $\mathbb{Q}$.
EDIT: According to a comment, it seems this limit proof does not require the Completeness Axiom. Since the derivative and the Riemann integral can be defined using limits, that begs the question: Is it possible to have differential and integral calculus based only on $\mathbb{Q}$? If so, what are the most significant results that would no longer hold (the Intermediate Value Theorem for example, as mentioned in the Answers)?