Knowing code has made it a lot easier to hire people to work for my company, as they don't care that I don't know code as well as they do, they just care that I understand their world enough not to place unreasonable demands on them.
I don't ever expect to use these skills in a major web app (I'm nowhere near good enough to do it for real), but they've helped me immeasurably in communicating effectively with engineers. Wish I had done it years earlier.