A value of 1 is required for ACID compliance. You can achieve better performance by setting the value different from 1, but then you can lose at most one second worth of transactions in a crash. With a value of 0, any mysqld process crash can erase the last second of transactions. With a value of 2, then only an operating system crash or a power outage can erase the last second of transactions. However, InnoDB's crash recovery is not affected and thus crash recovery does work regardless of the value.
Just depends whether or not you can deal with a small amount of lost data in the event of a crash.
