This is a debate I had many years ago after I had been riding non stop for over 20 years. My Mum suggested it as she would feel better and even after all these years still worried if she knew I was out on my bike (Like I'm on holiday riding around Europe etc).
Anyway, I took the IAM test after some observed ride outs and passed. The instructor said the ride was so good that he wanted me to become a observer myself and train others. You normally have to wait 6 months to do this, but i did it from that day. At first I wasn't sure. I then thought long and hard and had to admit to myself that whilst prior to the test I thought I rode well and could learn nothing new, I had learnt and improved from it.
I decided to put something back to the hobby that I had had so much pleasure from. I went on to help numerous people pass their IAM Advanced Test.

Just take from it the bits you want too and forget all the bearded old git jokes and you will enjoy and learn from it. I know it has made me a better, safer and faster rider. Pillions often say how smooth it is on my bike and that's down to the riding, not the bike. I wouldn't knock it again.

I would be happy to do it again every so many years, but not every year. There has to be a time when you have done enough. It could easily become an obsession to keep doing it, but if that floats your boat, so be it. I gave up observing some years ago, but often consider going back to doing it again for the challenge. I often do unofficial ride outs and help friends with advice.