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GWMT helps you to analyze and evaluate the performance and it’s a MUST USE tracking tool for every website. Google WMT ensures you follow perfect parameters of Google to fix your site’s bugs, issues and make it good both for search engines & human. GWMT equilibrate other tools you might use for tracking and monitoring site’s performance.
Reasons why we MUST use Google Webmaster Tools for own websites -

1. Helps you to select the best keywords on the basis of Search Queries -Have you heard of REAL Time traffic analysis? If you have not, then I must let you know GWMT helps you to identify the search queries that are driving traffic to your site. You get an idea whether you are receiving quality traffic for relevant keywords or mere ‘guests’ for irrelevant ones. This helps to get the best keywords for your site and apparently Google ranking.
2. Helps to track External Links of your site -  GWMT helps you to track the links of your site. GWMT actually helps to get the deep links from other websites apart from sorting a total links your site has.
3. Facilitates SEO Planning – GWMT helps to identify the internal links information of site for proper SEO Planning as internal linking structure is very important aspect of SEO.
4. Displays Global Keyword Density – Google bots crawl and index your site. In this process, it displays the most relevant & general keywords along with each importance, providing an insight of global keyword density of your website.
5. RSS feed Subscriber list – – Google Webmaster Tools displays the total number of users that subscribe to the RSS feed of your website or blog. The number of subscribers is an important measure used to monitor the growth and performance of a blog.
6. Sitemaps – It’s very essential that you SUBMIT the sitemap of you site to GWMT. Sitemap is used to inform and update Google about importance of that page. This helps and improves the chances of being seen in serp’s for other page as well including homepage.
7. Geographic Set up – With GWMT, you can set up and target country and location you want. Suppose you are located in Germany and want to target US market, you can easily do it by changing the default location (i.e. Germany) to US.
8. Site Redirects & Reports – Google webmaster tools also helps you to inform Google if you change your site’s URL someday via GWMT tool without disturbing the present ranking of your old URL. GWMT also sends Crawl reports, Crawl errors, and broken links reports. You can also send a request to Google requesting to increase its crawl frequency. GWMT also helps to fix your website speed.
9. Malware Warning – GWMT informs you if your site is infected with Malwares.  In addition, Google displays a malware warning for the website on its search results. After the malware if removed from your site, you can request re-inclusion and removal of malware warning in search results to Google.
10. Google + – Google Plus is a social network launched by Google recently. Google Webmaster Tools has built-in monitoring feature monitor Google plus metrics for your website. Data regarding search impact, activity and audience of your website on Google plus is displayed.
    

So it’s very obvious, why we must use Google Webmaster Tools for our websites. Lately we have a new feature – Google Plus tracking. New tools and features are added within Google Webmaster Tools by time.
Video Tutorial on Google Webmaster Tools – How to use it

Matt Cutts Views on Google Webmaster Tools