How the Description tag is used in conjunction with the TITLE tag
Having thought that it might be a good idea to add this to at least my index page I see the most of the Google searches that I have observed being found do not have the description in the SERP. It seems that Google, at least are less interested in this and seem to ignore it for the text included in the SERP.

The Google search above shows the text that I have on my index page, NOT the text that I have on my "About" page.

However, it is probably good practice to use a Description Tag. The Perrill website, link below, gives a few clues on why this is the case.
It would appear that Bing is more faithful to the use of the Description Tag. Google are changing the text used in their SERPs to give a "more useful" result based on their algorithm.
How this effects SEO
If someone making an Internet search finds one of you pages in the index, an Impression, if the text in that SERP is not of interest to the person making the search they will not Click on the link. This is also dependent on where the index entry is positioned in the resuls page.
Open Directory Project or DMOZ
I am not quite sure about this and I need to do more research.
There is another META tag to tell the search engine not to use this but I am not sure that it applies to me.