As said, it's either intrepreted as WebSite (ws) or Western Samoa.
It is very worthwhile, if you grab the right one with the purpose of being a website. I personally have never tried bothering with it. I think of it as a "alternative" to .info and other related TLD's.
Western Samoa--->WebSite (ws)---not for local now!!!
If you find good key word, then take it.
Do you know that website.com was sold for $750,000.00?
It's top one sale in 2005. I think that price will catch up soon for .ws domain.