If it doesnt cost you anything then think about it. Mostly it seems that it will give them some details as to who you are and enable them to tell your preferences easier so they can push you music that you might prefer.
there are two levels of membership, free and pay for.
free membership is like serious said, and seems pretty good, although Ive only been using it since Saturday so its recommendations havent had time to learn what I like yet.
The paid for membership enables some other features, so far Ive stumbled across:
discovery mode is subscription only (plays only music youve not played before which is similar to stuff you like)
subscription reduces the minimum time between plays of the same artist
But there doesnt seem to be a simple list of the benefits of giving them money. Surprisingly, I am somewhat reluctant to do so without knowing what they are offering in exchange.