"My question is:
How would the quality of our lives be improved if we discovered who Michael actually was?
Farkel"
It's not really a matter of improving one's life. For those of us who do believe the bible is the word of God and that Jesus is God it's a matter of defending the gospel we believe in. Jw's like to use it (Jesus is an Angel) as a diversionary tactic to try and stump a person defending their faith so they can make a convert. I figure it's helpful to be prepared to defend against it so as to keep a JW on point in a biblical discussion.
Also....
Not everything is about improving the quality of our life. For someone trying to help free a JW from the mind control for instance and allow them to retain their faith in God this is one topic that may open their eyes and help them realize how they've been duped. This realization could lead one to an exit from the Borg.