The honest answer
Short answer: yes, it is one of the most beautiful valleys in the Alps, and worth the trip in any season. The longer answer depends on what you want, and on managing two things: crowds and weather.
Yes. Lauterbrunnen is a deep glacial valley with 72 waterfalls tumbling from sheer cliffs, the Staubbach Falls dropping almost 300 metres beside the village, and the Eiger, Mönch and Jungfrau at its head. It inspired Goethe and Tolkien's Rivendell, and it genuinely lives up to the photographs. For most people it is worth visiting, the question is really when and how.
Yes, arguably the best-value, most peaceful time. Frozen waterfalls, reliable snow up high, the Lauberhorn races in January, and a fraction of the summer crowds. The trade-off is closed high trails and short valley daylight.
Lauterbrunnen is worth visiting for almost anyone drawn to the Alps. Stay overnight rather than rushing through, come off-season if you can, and go up the mountain when the valley floor is grey, do those three things and it rarely disappoints.
Common questions
Yes. It is one of the most beautiful valleys in the Swiss Alps, with 72 waterfalls and famous mountain views, worth visiting in any season. It is best if you stay overnight, manage the summer crowds by coming off-season, and head up the mountain when the valley is cloudy.
It is very popular and can be crowded in peak summer, which leads some to call it overrated. Visited off-season or early/late in the day, and with an overnight stay, it consistently lives up to its reputation.
Yes, and it is the quietest, best-value season: frozen waterfalls, reliable snow up high, the Lauberhorn races, and few crowds. The trade-off is closed high trails and short daylight on the valley floor.
The valley rewards an overnight: quiet mornings, alpenglow, and (in The Apartment) a private hot tub under the falls.