I meditate because it gives me wacky lucid dreams while I'm still awake. I do it by controlling my breathing until it becomes very shallow and my heart slows down a fair bit.
I find it useful if I'm bored. I wouldn't ever pretend there was any great spiritual significance in anything that I see, just weird stuff (talking animals, flying etc).
Erm.. no, I don't find it empowering.
It is certainly relaxing, once you get past the initial head rushes brought on by lack of oxygen! Although, I wouldn't recommend using this method too much, as it has the annoying habit of giving you a headache in the morning.