Like all tier levels it depends. If any of the benefits mean anything to you it is not worthless. If they do not mean anything to you it is worthless:

With Silver elite status, you automatically receive a 15% bonus on all the HHonors Base Points you earn.

HOTEL BENEFITS

Members with Silver status receive all the standard benefits:

Quick reservations and check-ins based on your room preferences
Late check-out*
Express check-out
Spouse stays free**

Plus:

Complimentary access to fitness centers and health clubs†
Two complimentary bottles of water per stay (at Waldorf Astoria™ Hotels & Resorts, ConradŽ Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton™, Embassy Suites Hotels™, Hilton Garden Inn™ and Hilton Grand Vacations™ hotels)

Granted, I believe everybody can set room preferences and use express checkout, so those really don't count.