You'll need it for the Dragonborn DLC, but aside from that, no. You can sell it to Urag Gro-Shrub in the Arcaneum in the College of Winterhold.
However, it is a quest item, and I don't think it can be removed from the inventory by any other means. But unless you have Dragonborn or the Legendary Edition of Skyrim, you don't need it.
Always nice to physically own an Elder Scroll though.
Actually, it is the dawnguard dlc which you need it for, not dragonborn
thanks, that's what i thought.
What do you think?