Hi PixelOutlaw,
I guess you are asking two questions here. Is it worth learning shaders...if so which type.
Well, is it worth it is hard to say without knowing your personal motivation. I would say shaders are everywhere, games, demos, 3d tools and even embedded devices within a couple of years. Fundamentally you can do stuff that is impossible in fixed pipelines so they are one more tool. Conditional shading (if (normal.z<0.0) colour = black;?? that sort of thing?) may require PS3.0 very quickly, depending on your complexity.
As for langauge. If you intend to do 4k or less I recommend HLSL and directX. If you are an OGL programmer, GLSL and if you don't mind shipping cg.dll everywhere with everything you do, cg is cross platform. GLSL had a late start and has less ready to use stuff than cg currently but its catching up quickly. So cg is easier to learn right now. That said we know GLSL is not going away, we cant say the same for CG.
Lastly, if you go GLSL route, I may be able to help you :-) but not CG.
Chris
Chris