I think extensive world building is tricky business. Many people do it, but very few do it well. It always makes me think of this XKCD http://xkcd.com/483/
When it is done well like with Tolkien or Martin it's great, but it's also really rare. It needs to really matter to you I think. If you just make up words from the top of your head, they come out stupid, but if you have a real connection to language it makes sense to expand in that direction. For Martin I think all those names he gives the knights (the late Lord Frey and so on) are what he really loves and is good at.
Tolkien was a linguist, he build the world around the language. Making up languages was his hobby, so he does it more convincingly than any other author since.
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When it is done well like with Tolkien or Martin it's great, but it's also really rare. It needs to really matter to you I think. If you just make up words from the top of your head, they come out stupid, but if you have a real connection to language it makes sense to expand in that direction. For Martin I think all those names he gives the knights (the late Lord Frey and so on) are what he really loves and is good at.
Tolkien was a linguist, he build the world around the language. Making up languages was his hobby, so he does it more convincingly than any other author since.