What are the benefits of Live/OTB chess?

My rating right now in Online chess stands at the cusp of 1300. My OTB rating is 1027.

i tried to play today; hearing from another group that we don't play enough OTB chess and that it's good for our game. So I got in there and promptly got stomped, game after game. Me, I take defeats like this hard; believing i should perform better.

I was playing 15:10; speed chess; anything less than 10 minute games; just aren't my thing and aren't fun.

So my questions:

• Should I even mess with Live/OTB chess?
• Why is OTB chess good for us?

OTB means over the board. You can't really play it online. It generally refers to games played with a time control no faster than 45 45. Played in a room with no competing distractions.

You can't use databases. You just have to use your memory and your ability to concentrate.

To really understand a position and come up with a plan and calculate possible responses takes time. Going over a game afterwards that you spent hours playing also helps you understand what you missed during the game. The more you do it, the better you get.

Correspondent chess and live chess are very different for many reasons. Too many that I don't feel the need to mention. You are probably not used to the change yet and is probably why you got stomped. You should adjust in time.

I've noticed that in "live chess", pawn walking games seem far more common. Why is that?

First time I hear the term "pawn walking"

Yes.

15:10 "Live Chess" is generally what I've been playing recently and what's spurned my questions.

Benefit: if you get really good, you can get an official title. No other way of playing can give you that. 

Exception: as your level is 1000 to 1300, you might actually find the new FIDE Arena titles quite inspirational, and great landmarks with which to track your progress!

They used to have (and some countries still have) NATIONAL ratings - which would give you titles (such as master etc.) but also "classes" or "categories" for players not quite that good - such as first category, second category - or class A, class B etc. 

The FIDE system has only titles - from Candidate Master and up - but that requires a 2200 FIDE rating, which is really high. 

I believe that the new Arena titles can become the international substitute to these national "classes" or "categories" - and they are even easier to obtain once you actually reach that level of play - because they're online and can be achieved on faster time controls. 

Good explanation, though a couple points need to be made:

NO games, online or OTB allow databases with the partial exception of daily/correspondence chess where opening books are allowed.

USCF Regular Ratings extend down in time to 30/0 tournaments, which are often played in scholastic chess as well as some evening Quad tournaments that some clubs run, where each one in each group of four puts in about $10 and the club takes $10 or $20 and the winner gets the rest.