I've done some spinning and it was really good fun.
I think it is definitely worthwhile because it gives you confidence as you know even if you lose control you'll be able to recover (given height). It's not enough to just be told how, you have to do it for yourself.
Most unintentional spins do occur low down but that's no reason to not bother taking precautions as many planes could be recovered if they spun from under a 1000ft. You might as well give yourself a chance.
By the way some of you mentioned that more people are killed in spin training than in actual spins. I find this hard to believe. What time period does that cover?