do we get anything in return as appreciation or we are just wasting our time.

[YummdudeMohit]

As a level 7 LG i didn't get anything from google. till dat

do we get anything in return as appreciation or we are just wasting our time.

we give lots of time to reach here.(level7)

i thing there is nothing free in this world.

"If you are not paying for the product than you are the product"

[iyudhi]

@YummdudeMohit You are definitely not wasting your time by contributing to Maps. In the long term, your contributions (and everyone else) will make the data on Maps better and better, which in the end benefit everyone that's using it. 

As for perks, Local Guides may get small token of appreciation from time to time, and you can see it under the Perks section on the help center page below

Welcome to the Local Guides Help Center

As you can see, there's nothing much right now, but the Local Guides team keeps revamping their program so who knows what (if?) there are more things to be offered in the future. There might also be perks that are specifically tailored by regions, so make sure your location in your Local Guides profile is accurate, and make sure that you enable to receive emails from the Local Guides team.

Regardless, this shouldn't be the priority for contributing on Maps. as the main goal is basically improving the information that's basically being used by everyone.