I have the LC10M and yes I think the VFD display is worth the little extra. The display aint perfect but it is at times useful.
It shows things like - the name of the recording your currently watching along with the current time and length of the show
What menu you are sitting on in the MCE interface
Name of MP3 playing and time / length
Name of the AVI your playing
And things like that... An earlier version would show the name of a program that was recording, but I must have broke that somewhere now...
Of course you can just display Date / Time.
Lots of other useless things can be done too - like scrolling world news / world weather / bouncing graphic equalisers / CPU statistics / New Mail Alert / etc / etc - but all these I have turned off as I think they are useless to a HTPC - You might like them on a PC but for me a HTPC just needs simple things like program names / data / time etc...
That is with the standard Imon software that comes with the LC10M - there is now support for the MCE plugin Frontview
http://www.mediacentermagic.com/ with this case... (and others) - this software is much more customisable in its features... You can see a few screenshots of what you are allowed to setup here ->
http://www.mediacentermagic.com/frontview_pictures.asp which may give a better idea...
Personally - I'd never build a HTPC without a display - whether its a VFD like the the LC10M or a full 7" wide screen color TFT touch panel display....