I personally think it's stupid, yes it enhances your evaluation skills etc. but no more than history, psychology or philsophy etc. At my college they made all 1st year students take it as an extra, we had 1 double period a week. i hardly attended any lessons and managed to get a C. i think it depends what other subjects you do- if you do sciences it could show unis that you want a broader curriculum, but if you do fairly essay-based subjects i have no idea what you could possibly gain from it, but as an extra it looks good on your UCAS form with little work (i didn't even know what the format of the exams was going to be!) + if you don't do that well you can always decline the grade.
lou xxx