It depends upon what's in that folder. I've found it to almost exclusively contain stuff that can be safely trashed, BUT one time the file with all my stored passwords was in it...and I trashed it without thinking.
I have the alias of that folder on my desktop. The original is in ~/Shared/Relocated Items. When I dig down into that folder, I see Configuration/private/etc/master.passwd.system_default as well as Configuration/private/etc/postfix/main.cf.system_default. As with joemikeb, I'm not trashing any of it except the alias that resides on the desktop.
