Depends on what it's for, imo.

If you're like Rick and other members on this board and you take your car out for regular track days, autocross, etc. Then it's worth it because it's what you like to do.

For people who seldom go out to tracks or even race the cars it's a money pit. In this area there aren't really any tracks that I can make it to on a regular or semi-regular basis. So for me it's pretty much a waste until I move to a better area for it.

I've stopped modding my car completely (save for a coat of paint in the near future). Concentrating on getting out of debt completely and getting myself and my life straightened out. I need that more than a nice looking car at this point in my life.

It's really all a personal opinion as to what's better. That's mine on the subject.