Keep in mind, no matter if your drone is registered, you are registered, you paid $5 or paid $160 every 2 years, it changes nothing in terms of liability. Somehow Congress got the idea that if we make titles, and charge people, it increases safety and makes it all ok.
The thugs that might use drones to do illegal things will no matter what. The honest people will follow rules, but the accidents will not be prevented as it will be in class G airspace where someone is flying low. Of course, don't forget drone pilots cannot talk on the radio to mention their location. You can't make this stuff up, its the fakest system I could imagine, and our poor manned pilots are not any safer than before.
So study because you are personally liable for causing an accident. The only good thing to come out of this part 107 is the study programs like remotepilot101.com and others, many good ones. I'd do it no matter what the government tells you is good for you.