If you like having a console that sounds like a boeing 747 then it is. If you want to be able to hear the game its self over the console it is a worthwhile investment.
That'd be the DVD drive then, this case won't do much to combat that at all.
When you can install games to the hard drive if you can still hear your 360 over the sound perhaps you should take it off mute or consider new speakers as yours must be broken.