If you can find it for a decent price, then yeah, it's worth it. If it helps, here are descriptions of the deleted/ extended scenes:
Warning Spoiler! Click to show
1) Extended opening featuring a lusty customer who comes after the store has closed. Lucas let's her in and she tells him of her husbands busy tow-truck job.
2) Extended scene where A.J. tells Gina and Cory of the bad luck Lucas had had the night before. In the theatrical cut, A.J. tells the two that he has 'crazy news' to tell them. It then cuts to the three walking in the store.
3) Deleted scene of Cory's younger sister coming into the store to give Cory a letter from Harvard. She reads the letter and informs everyone that she's accepted.
4) Deleted scene of Marc being called into Joe's office. Joe tricks him into admiting that they saw Lucas earlier. Joe sends A.J. to go find Lucas. As A.J. is leaving, Lucas walks into the store.
5) Deleted scene of Marc sweeping the floor. This is the part in the theatrical cut where Joe says, "could you please not sing, Marc!". In the theatrical cut, it is rearranged to where Cory and Gina are watching the Rex Manning video. Here, it is its own scene.
6) Extended scene of A.J. trying to tell Cory his feelings, only to get hesitant and walk away. The "Romeo and Juliet" montage occurs much earlier in this cut.
7) Deleted scene of Gina giving Cory her lucky red bra (which explains why she gives it back after she gets humiliated).
8) Deleted scene of Cory looking at her self in the mirror to see how the bra looks.
9) Extended scene: When Cory offers herself to Rex in the theatrical cut, she gets offended when he unzips his pants off-camera. In this cut, he says, "Hope you like the taste of blue cheese" while unzipping.
10) Extended scene of Gina flirting with Rex.
11) Extended scene of Gina checking Rex's underwear.
12) Deleted scene of Marc explaining to some customers what it would mean if Empire Records closed.
13) Deleted scene of A.J. asking Gina what she and Cory had done the night before.
I think that's it. This cut's about 15 minutes longer. Some stuff is pretty funny and definately should have been left in the film, while other stuff is kind of pointless. There's also 4 extra scenes that are selectable from the menu that don't appear in either cuts.
Hope this helps