As was mentioned already, the plugin does provide several valuable features to all of our members. As such, we recommend all members use it to stay on top of any patches, security updates, or improvements as they are released.
If you do not wish to install it, that is your choice. The plugins and themes will all still work just fine, though if you want the notification to be removed this would be a custom modification that you'd need to have done yourself.
Hope this helps!
WPMU DEV Sales and Support Dude