They used to be a lot cooler when you got dealer's discounts at places for having one. They're still pretty cool to have; if you pay the transfer fee to an FFL for a state-to-state transfer on a single C&R gun you're getting pretty close to the 30 dollar cost for a three year license already. 10 bucks a year for unlimited transfers on that type of gun is a pretty good deal if you're going to use it.
It also fulfills the one of the CMPs requirements for "proof of marksmanship or firearms related activity" if you don't already have a CCW, allowing you to purchase firearms and ammo from them.