It is very much worth it, that's why.
The Life Orb is mainly used on Pokemon like Conkeldurr or Talonflame who can use the 1.3x Damage Boost with moves like Superpower and Brave Bird, respectively, but also have reliable recovery in moves like Drain Punch and Roost.
Also, if a Pokemon has Sheer Force, a move that triggers Sheer Force also negates Life Orb damage, so the Pokemon gets off scot-free. Pretty cool, eh?