Is iTunes Match really worth it?

I can see that it is not very expensive, but the only reason for buying it would be to free up my iPhone and iPad.

I suppose that it streams for the music, so I would need to have an internet connection. But would it really free up my iPad and iPhone? Also, my iphone is used for music when away from WiFi.

But anyway, I would just like to know from your opinion if iTunes Match is worth the money. Oh, and would I be a ble to back up my friends' libraries as well.

Your opinion would be greatly appreciated.

Thanks