If you don't OCR, your book will actually be a series of images. This will make the filesize rather large, and may result in slower page turns. It may also be difficult to read, if your reader doesn't have a big enough screen. You won't be able to change the font size, and though many readers support zooming, it is not very practical to have to pan a zoomed page to read.
OCRing is a lot of work, as theducks pointed out. But if you feel like doing it, you will then have pure text. You can change format (pdf is not the optimal format for ebook readers), you can change font size, you can look up words in the dictionary and search if your reader supports it.
I find it very frustrating to read pdf's on my reader, either image or text, and actively avoid it. But ultimately, it's up to you.
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