Well, the most basic benefit of a chrono for me is to know the exact muzzle velocity of different pellets -- and that data I can feed into a ballistic calculator -- which then will tell me how I have to adjust my POA (point of aim) for different ranges, or with different pellets from the same gun.
For short/mid range backyard plinking not really necessary, but if you want to reach out farther, or hunt, or get more precision from your gun, yeah, a worthwhile investment.
I'd get a unit that comes with a tripod and lights kit -- then you're ready for anything and don't have to mess around tyring to set it up -- which is kind of a pain anyhow, as it has to be leveled and alinged just so.
I'm using a Caldwell, a little less than the $130 stated above.
Matthias