At my current job, It's where pretty much all information about our project gets disseminated so without it, we'd be feeling around blind. Any priority changes; changes which might not be well defined in the wires or stories; deadlines; information about meetings with the clients. It's also the place where the dev team, design, and QA touch base so if an issue comes up where there are pieces missing in the wires or QA is struggling to test something, we can quickly bring it up.

A big chunk is actually most useful for the PM, but often enough other issues get addressed that our short status meetings don't bother me.