If you just start out, it's probably fine. You get an entirely unique experience that you wouldn't get elsewhere since it's all randomly generated. If you play for awhile, it's different. Unannounced changes, model downgrades, etc might ruin your experience if you become a long-term player. However, recent times made me want to stop.
By the way, I don't think it's worth having faith in their announcements. They promise transparency about changes but become silent before and after changes nowadays.
Edit: May 17 2021.
Privacy/security issues that they were aware of for months without saying anything, blaming the users for content that their AI generated on its own, and a poorly-implemented filter that punishes innocent users led to a community-wide fear that the developers have little concern over their product's community and their own privacy policy. As a result, the AI Dungeon site and app removed links to their social medias. To make matters worse, they haven't made a community-wide announcement in almost three weeks despite needing to address numerous concerns.
I tried playing it again earlier today to give it a last chance. I started one of their default scenarios where the player goes on a fantasy dragon-slaying quest. However, on it's own, it instead generated the same thing disturbing thing that they claim they're trying to prevent. I'm never using this product again.