If you're creating a media centre and experiencing poor playback of these video files, investing in the license key may be valuable. You can still do software decoding of MPEG-2 without paying any fees, but performance is generally much worse than hardware decoding. This thread claims that despite the patents expiring in most countries, the Pi Foundation won't be making any changes until 2025 until all patents are expired across the world. While there was much rejoice recently at the patents expiring for MPEG-2, this makes little difference to Pi users, it seems. The point of buying the license keys is to enable hardware decoding of MPEG-2 and VC-1 - see Why does the Raspberry Pi need a MPEG-2 licence? for more information on why you might want this.
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