lol i personally love Shakespeare, iv never had a problem understanding any of his plays. The man was a literary genius, and he deserves to be read for generations to come.
-lol How would you know he's a great guy? But yeah, I LOVE his works. Maybe you need more practice in reading Elizabethan language?
An elaborated general knowledge comes handy if you ever have to answer the million dollar question in Who Wants To Be A Millionaire? or another game show in which you can win huge money prices. And you can impress your future partner (esp. girls) if you can quote Shakespeare or hold an intellectual discussion about his works. It's not that hard, even I as a non native English speaker understood it when we had to read it for English.
I don't think Shakespeare wrote in old english. Middle english maybe, because seriously, very few people in the world can actually read old english.