[A2A] It is useful throughout your life, if you want a career in electronics. If you do your project well, you will have experience of how to work on a big problem and come up with a solution. I can guarantee you that you will remember most from your project than from any other course, if you do your project well. Learning is an active process. Unfortunately, in classes, we usually act as passive listeners, if at all we go to classes. So, project gives an active learning opportunity. Moreover, project gives you an opportunity to apply the principles you learn in class. So, I consider the final year project very important.
I deliberately avoided answering "placement" part of the question, because if you know your subject, job will automatically come.
I like to blog about various topics ranging from education in IITs to social issues in India and US. All opinions and views presented here are my own and not of my employer.