It’s great for authors, who are usually insular, hermit-like creatures (or is that just me?), to get together online or if you’re lucky enough to be in the right part of the world, in a café/bar/library somewhere and be somewhat social. I.e. Talk about your latest story and then put your head down and write.
And while it doesn’t guarantee a publishable work at the end of it, it gives a writer a sense of urgency (and legitimacy) to your work and that little oomph that some of us need. It teaches you how to write without self-editing, to just get those words out and on the page. There’s just something about those charts and visual reminders of how much you have written each day that just validates all the work you’ve done. That little badge and certificate you get when you finish are the icing on the cake.
It gives you the chance to explore and the permission to write utter crap but at least you’re writing. One of my own books started as a NaNoWriMo and as a challenge to myself to write from a POV and tense I’ve never tried. I ended up nearly doubling the required word count (after the end, of course) and it’s currently one of my faves of my own work.
So I say go for it! Write those fifty thousand words. Who knows what will come out of it?
Good luck and speedy writing!