I have it, but also get it for free. I'm a Cubs fan living in Milwaukee, so when the Cubs are here, I have to watch the Brewers broadcast on regular TV, or wait until the next day. On MLB.tv, you can choose which team's broadcast crew you want to watch. I really like the game recaps, two versions: one shows the at bats for each team in the first, then scoring highlights or "top plays" in the rest of the game, and the shorter one (usually about 3 minutes) omits the first inning if there was no scoring, etc.
Value is a personal thing. I'm used to having it, so if I had to pay for it, I'd probably do it.