I have been submitting my site to every free submision directory that appears on the "Solicitations & Announcements" section of the "Directories" forum here on DP, Is this worthwhile or am i just wasting my time?
You will only see some effect in 6 months or later... Most of that directories is brand new and would have to build up there trust with google... Try to submit to a few established directories aswell. Here is a nice free list for you: http://www.directorycritic.com/free-directory-list.html
I'd say, if the pages are cached by Google, it's probably worth it as long as you have a good inbound link profile. If all your links are coming from directories then it might be an unnatural linking pattern and may raise a flag or two.
I think they worth it. Most of them provide a nice 1 way link, even if they are diluted to an extent because of the large number of links in some categories.
I say it's worth. Maybe you wont see the results instantly but hopefully some of those directories will become decent sites.