Is spending time studying for the Putnam really worth it?

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diligence
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Allow me to clarify what I mean by worth it: I plan on going to graduate school in math (maybe physics, but likely math), and would like to increase my chances of getting admitted to a top-ten program, along the lines of NYU or Columbia or Michigan. I realize places like Harvard, MIT and Princeton are longshots for pretty much everybody. I'm a very good student, but have had little exposure to proof-based math, and very very little experience with problem-solving competitions. I'm taking Diff EQ this semester, and my professor has already asked if I want to get involved in research.

Is it even worth my time to learn how to solve problems for the Putnam with the hopes of getting a decent score? Or should I just focus all of my free-time on getting my feet wet in research? I'm definitely going to do research either way, but how much would the extra time spent on the Putnam help with grad school admissions (assuming i score high).

And how about for just becoming a better mathematician in general?
 
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not worth it...there's a multitude of mathematic discovery waiting to be unearthed that's not on a timed test