Web 2.0 is based on the triumvirate of HTML/CSS, AJAX, and a server-side solution which is often, but not always, PHP/fooSQL.
So, yes ... if you're expecting to stay around and not going to be specialized ... it's become quite indispensable to know some of it. Of course, there are shops where there are enough geeks that you have a server-side guy or two, a front-end guy or two, and so on; but take a look at job postings and you'll see that many of them expect good front-end skills even in those cases. I think that businesses appreciate cross-competencies, and JS is a fairly logical one.
It will really depend on whether you can find a job or not when you need one; if you're lucky, you'll find one doing PHP/MySQL; if you're not as lucky, you'll find one doing PHP/SQL, HTML/CSS, Javascript/Ajax, RonR or Python or whatever you've learned. The reason to learn more languages is so that the periods of job hunting have as little free time as possible between them 😉
Incidentally: it seems most authorities on JS think that the books are of little value:
Douglas Crockford wrote:Nearly all of the books about JavaScript are quite awful. They contain errors, poor examples, and promote bad practices. Important features of the language are often explained poorly, or left out entirely. I have reviewed dozens of JavaScript books, and I can only recommend one: JavaScript: The Definitive Guide (5th Edition) by David Flanagan. (Attention authors: If you have written a good one, please send me a review copy.)
Of course, that advice might be dated by now; here's the original source of the quote.