I'm not a lawyer so I can't be sure how it will help exactly only that I've been told from multiple sources with no financial stake in this that paying this fee and filling out the form is a good idea.
If you don't feel it's in your best interest to do so that's fine too, I'm not going to worry about what other people choose or choose not to do.
It is my understanding that filling out this form and registering an agent (you can be your own agent) gives you official protection from lawsuits under the Digital Millennium Copyright Act. The DMCA says if a website has an official agent (basically the name and address) of the person personally responsible for removing copyright infringing material from said website than that website can not be sued for copyright violations due to the activity of its users IF the agent (you) deal with take down notices in a timely manner. There is also something about requiring you to take action (ban) repeat offenders as well... I believe.
I'm not trying to sell anything to anyone- I don't make money off these forms, the US Government does.
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