Not really as a lot of the PACER content relates to matters -- divorce, custody disputes, etc -- that is of no direct interest to you. Unlike your server source code.
I think most people who are lionising Aaron's efforts in "freeing" the PACER data really do so because they are in love with an idea rather than because of any considered assessment of the value (and harm) that this content could bring if made freely available.
I don't have any problem with public record actually being public (and I do have a problem with public records that aren't actually public). Medical records and school transcripts are not public records. 911 calls are public, but you have to know how to request them and that usually means they aren't released unless it's a newsworthy story and a local media outlet jumps through the hoop. Visitor logs should be public (like they are for the White House). You can request anyone's FBI file after they die, but that system could be quite a bit more efficient.
It's the difference between 'free to all' and 'free to anyone willing to spend $0.10/page'. It may make it harder for someone to exploit, but it is a false sense of security.
It would be better of this content was anonymised so that it cannot be associated with the participants since the names of the people involved are, for the most part, irrelevant to lawyers who need to read this content.
As for the costs, then charging for it does provide a barrier to entry that would hopefully dissuade people from using it for nefarious purposes. A better model would be to recognise that the 'owners' of this content are the people involved in the case and perhaps allow them to license the content of their case and derive income from when it is used. This would address a large number of issues that exist with this system, including privacy.
Some state court systems provide excellent access to dockets and documents (WI); others have access policies that make PACER's look open (UT).
Divorces typically cost thousands of whatever currency you're in, and are a long drawn out painful process even where there is no animosity between the parties.
Making the raw materials that lawyers need to work with free as in beer as well as free as in speech will reduce the barriers to entry, bringing down costs and times, and letting people get on with their lives.