Properly pursued, it enhances analytical, critical and interpretive capacities that are applicable to any subject-matter, and in any human context. It also helps to prepare one for the tasks of citizenship. Participation in political and community affairs today is all too often insufficiently informed, manipulable and vulnerable to demagoguery. A good philosophical education enhances the capacity to participate responsibly and intelligently in public life. In short, the study of philosophy increases one's intellectual powers, and as a result it improves one's chances of staying afloat in the high and often choppy seas of human action and human thought.
Philosophy is a superb undergraduate major.
Far more people ought to consider it seriously. Here's one stressing the practicality of philosophy from Eric Steinhart at William Paterson University of New Jersey, and here's another one from Judy Pelham at York University in Toronto. One from Wilfrid Laurier University in Waterloo, Canada, and another from Illinois State University right here in the States.