I am not sure how the question is meant. Either way it's not anywhere near the top of the importance-ranked list of things to do, but it can certainly add a little to an already great game.
Most so far seem to have interpreted it as being about different clothes in different pre-rendered scenes. In this case: Yes, especially meaningful changes such as the MC wearing plate armor when going to war but not when in a banquet, or even better a love interest wearing something more sexy for a date, are of course a significant improvement and probably worth the effort in many cases.
If this is about a clothing selection screen for the main character, as in many modern RPGs, then that's a lot more effort for a lot less gain. I doubt it's ever worth it in pre-rendered indie games. I guess it really only makes sense in a 3D game, using a library that supports it and does most of the work.