This documented standard probably works best with huge organizations - government agencies could find it useful to stick to the word. I for one, work in the project industry, so I find about 40% of the documentation relevant. Why ? No time.
Is it worth having ? Yes, I would recommend it as compulsory reading for all QA Managers / Project leads who need to make the not-so-gentle transition to a "managed" or "repeatable" level. When you are drafting processes for your organization, open this, plagarize a few ideas and make your own document. So, essentially it qualifies as reference material.