I think it comes down to what experience level you are.
Young, with school qualifications, a shiny CPL and little else (possibly no real other previous career) and you are going to be lacking on your CV. I don't disagree that the vast majority of airlines just want flying experience, BUT, of those that recruit 200hr newbies I would suspect it is the 'other' activities on your CV that will make you stand out enough as someone worth interviewing all other qualifications being the same.
Even if it is not used in selecting interview candidates (because of a more arbitrary method like phoning the first candidates in a pile of CVs to fill the 12 slots for interview), then I think it will certainly help you when it comes to interview. You will have a lot more 'experiences' to use in answering tough interview questions than the equivalent pilot mentioned previously who has done nothing.
So it is IMHO very worthy, extremely good fun and could well prove its worth for you as a low houred first jobber. As mentioned previously though, its really hours and experience that is going to make you stand out from the opposition to a greater extent.
PP