Minecraft = Adult Lego.
Yes, it is worth the £15 to buy it (it used to be £11 in alpha). If you think the old outdated version is fun then you'd love the full version.
The full version allows you to do both the pure building or survival (not sure what its called now.. Adventure i believe). Best way to see some of the old survival is to watch some youtubes (yogscast is a good one) and you'll see pretty much what it is.
Long story short, survival is where you're plonked in the middle of anywhere, could be a sea biome, a desert, hills, tundra etc and you have to build a house, then mine for coal and slowly build your way up to diamond armour/weapons. Bad things come out at night, including zombies.
[video=youtube;4UdEFmxRmNE]http://www.youtube.com/watch?v=4UdEFmxRmNE&feature=sh_e_se&list=SL[/video]
Thats the first of their videos, after a few it starts to turn more into a little online tv show than a "look at minecraft" but its still good to see (alot has happened to the game since they did these though).
I've a server that my friends and i play on, we hardly use it anymore but we did do some really nice things. One of them built a scale version of Notre Dame (i'll upload a picture if he allows me to as its his creation, not mine). Below is a sonic i did though when i was bored

.
But yes, completely worth paying to play. If you ever played with lego as a kid, you'll love this game.
Be warned however, you will waste your life in it, much like football manager.