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If you have the snow leopard install disc and everything, I wouldn't imagine so. However, in case your computer every has any serious malfunctions to the point where you want to downgrade down to leopard, it would be a useful item to have at that point.
 
If you have the pair of Leopard disks you should keep them since iLife is on it. If you have retail Snow leopard it does not include iLife.
 
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