Innovation is how technology progresses. Regardless of whether this venture works or not it is certainly true that this is getting people talking about going back into space. And if it becomes popular enough then governments will also start talking about it. So from that point of view yes this venture is worth the resources spent on it.
It's also good for us as a species. We have all our eggs in one basket at the moment and as of yet no way of making more baskets. One unlucky hit from space, Yellowstone going nova or any other of the many and varied geological ways of changing our environment and it is lights out for us all.
There are problems that need dealing with down here, that is true but maybe if we all stopped being so inward looking and started looking towards that next frontier we might all start to get along a little better. It will also slam another nail to the coffin of the Abraham religions...