Originally Posted by
DrIsotope
It's to stop the chain from falling into the spokes if your RD endpoints are not adjusted correctly. If they are adjusted correctly, you'll never need it.
Unless your rear derailleur gets bumped or otherwise pushed inwards, such as during transport or while parked. Having it might save you from having to replace some spokes. People derisively call them "dork discs"; I use them because they could save me from a hassle and because I don't care what other folks think. I also use a Drop Stop up front; nothing ruins a nice ride like digging a greasy chain out of a tight spot.