i havent done mtrs but i have done swampers in the past. it really helped tread wear and wet traction on the swampers.
siping helps in 2 ways.
first, all those tiny cuts help the tire run cooler. heat doesnt builup in the tread as bad so the tire runs ooler which makes it last longer
second, in rain/snow/ice all those little cuts add surface area for traction.
the cuts arent very deep and should really only be done on the center tread blocks. i have seen a little bit of chunking near the edges of the tread when the whole tread pattern was done.
most places charge 10-15 bucks a tire so it may or may not be worth it to you. the added wet traction was really nice. most mud terrains and even the mtrs dont have very good wet traction due to the large treadblocks
good ifo here...
http://www.sipers.com/sipers/index_large.asp