Is it worth patenting a software product?

Your question is no different for software or hardware patents, so it is the same as asking, "Is it worth patenting a mouse trap when someone can make a simple modification and patent a different device that does the same thing (traps mice)?" When you think of it that way, it makes more sense. The essence of writing patent claims is to draft them in such a way that anyone who tries to duplicate the invention will infringe the claims. The "invention" in a software patent is not the way that the software is written, but is instead the end result of what the software does. So, the answer to your question is, yes, it is definitely worth patenting a software product, as long as what it does is novel and non-obvious.