Frankly I don't care if my VPN is watching the traffic I route through them. What I care about is that the MPAA/RIAA and my ISP aren't.
This serves to prevent my ISP from shaping my traffic or throttling/blocking things they dislike, and makes sure I don't get hit with a 5 billion dollar lawsuit for downloading a 10 dollar movie.
It also makes switching my external IP address because of geoblocking bullshit far simpler.
Anything that needs proper security I'll do through a combination of TOR, TAILS, wardriving, etc. depending on what level of security I need. A VPN is basic security for basic needs.