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When I was first learning design / layout I used to spend alot of time surfing the web for ideas and inspiration. Now that I run a small firm I make excuses about not having time and this forces me to do some just plain surfing. Most the areas I edit in have little commercial influence and are in my offtime interests.
I find the contacts I've made invaluable. I also found it looks good on resumes.
How much time do you spend being an editor?
Personally I spend over 30 hours a week, but each editor chooses how much time they wish to devote.
How long have you been doing it?
Over 2 years.
Has it been a rewarding experience?
Because the category I edited was so tiny, I spent less than an hour a week on it, but the experience definitely helped understand how DMOZ and other directories work.