I'm going to answer before reading the other comments in this thread, and try to give you a stream of consciousness answer, without editing:

When I think of conspiracy I first think of it with somewhat negative connotations - like crazy paranoid people with tin foil hats. Aliens, government plots, etc. From there I think of 9/11. I had an ex back in 2004 who watched one of the 9/11 documentaries and was instantly transformed into a paranoid, the government's one and only goal is to scare us into submission, hateful d-bag.

If I think about it deeper, I tend to think about it as a verb - the government conspiring or people conspiring and ganging up (think middle school girls) to people conspiring (think Enron.)

If I think deeper, I don't think of conspiracy in general as being a bad thing, but the people I associate the word with are bad connotation-wise. But I don't think it's always bad to be paranoid - there was a saying between some druggie friends and I "it's not being paranoid if they are actually watching." I do think it's bad if you let that paranoia or conspiracy theories take over your life; if your actions and decisions are dependent on your theories.

However, being aware, being careful, and being educated and using that to aid you in your decisions isn't bad. For example, if we were to learn that the NSA is actually actively reading every single one of my hubski/facebook/gmail/text message/phone call/etc. there would be a lot of "crazy conspiracy theorists" that would probably yell at the top of their lungs "I TOLD YOU SO!!!!"

But the value in being able to talk, text, interact online, etc is more valuable to me than the possibility that someone might be listening to the things say. And censoring myself or examining every word I type as if some one was plotting against me and piecing together every detail of my life seems like a way worse situation than it's worth. I think of Orwell and Doublespeak here.

Perhaps if I were involved with something that wasn't legal I might not see it the same way. ie: "hey man can you change the numbers that dictate the price of the entire world's loans for some leftover sushi." If they had even had a little paranoia in their blood, they might not be in the situation they are now. But considering that whole banking world is "too big to fail" / "too big to prosecute" perhaps they did think it, examine the risk/reward, and decide to not care, just like I don't let the possibility of some suit in the government reading my text messages rule my life.

Alright. So. Stream of consciousness enough for you?

Reading back, I realize I link conspiracy to paranoia way more than I thought I did. I do think that reading and educating yourself - whether it's with documentaries or forums dedicated to the "crazy conspiracy theories" has a lot of potential value. As long as you look at it as objectively as possible. Realizing that even the people making the documentaries have a motive and there is a producer asking questions, a director with an end-goal, and an editor who transforms it into a story people want to watch. If you take the information, decide how strongly you want to believe the pieces, and use that knowledge to help you make informed decisions about what you share about yourself, or online, or places you visit or the people you associate with. That is valuable. Questioning the system, having open eyes, making informed decisions, being part of a discussion, making sure other people ask questions, etc. That all has a lot of value.

Because if no one does this, then it will be a heck of a lot easier for people to get their way - whether it's a government suit, a middle school girl, or group of guys who control a buttload of money. And if it gets to that point, you have a bunch of sheep and a bunch of wolves, and the sheep are only valuable to the wolves, not to themselves.