Really it depends on whether the release is "news worthy" or not.
My personal opinion is that regular and consistent press release distribution should be a part of your overall strategy if of course it is warranted and you can produce something of value.
I had one client who got a call and a write-up from Sky News, although a direct link did not result(completely gutted). I have had other clients who have also been contacted by media companies after viewing their releases.
If it is backlinks you are after, regular press releases may provide this. Remember though, just because your release is syndicated by 1,000 websites, does not mean you will get 1,000 unique backlinks that pass any value as it will be seen as duplicate content for sure.
If you are trying to build your brand and obtain more visibility, for the cost I think it is worth it.