DMOZ opened their doors again. I submitted my blog right away. You should get in as soon as possible, before they are closing their doors again. Once your site is listed in the ODP, it may take up to 2 weeks or more for your site to appear on DMOZ, or any of the search engines that use ODP data (like AOL, Netscape).
DMOZ can be considered as 1 of the largest directories of the world. It is a human-edited directory. If your site shows up, it might improve your rankings on other search engines. It can also bring in some extra traffic from the engines (that are using ODP) picking up your data.