If you are trying to look Chic and fit into the wealthy, hip crowd and still have some modest amount of protection, then yes, it is worth it.
If you are travelling through Everett or Tacoma, then no you won't get much use out of it as all it will do is draw stares (which you don't want).
If you are moving through the Barrens (pick one), then this is a huge "KILL ME AND ROB ME" sign written all over you.
Fashion depends on what part of society you are moving through.