Is anyone using this to register their bikes?

I'm thinking about joining, but since a lot of their resources depend on many users -- particularly in your neighborhood-- also being signed up to the program I'm not sure I want to pull the trigger just yet. Essentially it's community based theft-deterrence. Like an online neighborhood watch for stolen bikes? I think? Anyhow, they've partnered up with People For Bikes and local law enforcement (not sure that this last bit applies to me since they're based in Portland, OR).

Anyhow, my new bike gets here in a week and want to increase my chances of tracking her down if she gets stolen. If you're not using this one, is it because there are there services like this that are better? Or do you think this is an unnecessary step?