The only thing the Sony library program will do for you that calibre can't is buy books from Sony.
All the other bookstores that use the standard ADEPT DRM can use the "Adobe Digital Editions" software to download the DRM books -- just not Sony's "reader store". There are times they offer free books there (and only there), and on rare occasions they're the cheapest, but on the whole you can find the same or better deals elsewhere.
It's a personal decision to install or not, but I haven't opened my copy of the reader library in months . . . and it might be months more before I do.
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