Mark,
I think it is useful.
The length/weight relationship may vary considerably from fish to fish but provided the sample that determines the formula is large enough the degree of error is acceptable, at least in my opinion. What you have to avoid is saying that a 137cm fish unequivocally weighs 50kgs.
If you want to say that, you need to actually weigh the fish with a certified set of scales. Anything else is really only still an estimate which will have its own associated degree of error.
However, what you can say is that the fish probably weighs somewhere near 50kg give or take and, for me at least, that's good enough. I'm not pushing for records other than the goals I personally set for myself.
Just my take on it.
Trevor