You just need a phone and a daily click
source
If the coin is gonna be worth anything in the future....I would say no but if I want some especially if I can get some for free.
The community around it seems to be growing though, so who knows what the future holds for that one.
You need an invitation code to join and I heard "Flipstar" is a good one to use ;-)
"Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network. To join Pi, follow this link https://minepi.com/Flipstar and use my username (Flipstar) as your invitation code."