OK, so after "Yes" and "No" answers, I am addding "Yes and no" answer :)
The problem is .idea is used for both project build configuration (dependencies declaration) and project settings (inspections, etc.).
You definetly don't want to use your IDE for your build configuration, but you might want to share the settings among team. That's why you need to ignore only part of .idea content (like libraries folder and modules.xml file), but keep others in the version control (e.g. the copyright, dictionaries and inspectionProfiles folders and files under .idea like dynamic.xml, codeStyleSettings.xml, etc.).