The advantages of having a transponder are worth the extra expense (if you are doing realistic Xcountry flights - otherwise might not be worth it)
Apart from the CTA aspects, which if you are accessing you will already know, there is real seperation assistance
e.g. 1. If you are using an airport with the larger RPT aircraft, TCAS + radio makes seperation easy (and less stressful - many operators don't want to get close to an RAA call sign - unless I know them nor do I for that matter)
2. Even flying OCTA enroute, although not mandated for VFR, you will be given as unidentified 1200 traffic to conflicting IFR traffic - which you will hear, provided of course you are monitoring the appropriate freq. In the north at least, where traffic density is low, CEN will advise the VFR traffic directly also of conflicting IRF traffic normally.
If flying your bug smasher above 5000' especially, a transponder although not mandatory is certainly advisable.