Sure, game play wise it doesn't change anything. I probably won't even use it to spectate my friends, unless I am waiting for them to finish a game. But it also allows you to watch live games of high ranked players. They are right there are your main screen, just a click away.
These are the people that have fought their way up the rankings, that know how to play the game. What is a particular prize is if you can find someone playing those games as your main champion, then you can watch them play, pick up on tricks that they use to make themselves better.