According to that one guy with that one list. I acknowledge that the top N passwords are X% of all user passwords. I sincerely question the 99.8% figure. The problem with doing studies like this is while we have some fairly big password dumps we still do not have the universe. Furthermore, there are some number of un-cracked passwords in the dumps we have. Further complicating the situation are password policies which may reject common passwords. It has been many years since we learned that "password" is the most common password and is commonly disallowed.

Therefore 1) it is not useless to not increase your storage security even if Y% of your users use bad passwords as you are protecting 100%-Y% of you users. 2) Y% is probably not 99.8% for you, and if you are worried about it you can take steps to mitigate the problem.

ps. He is ignoring punctuation which is an important detail for actually doing the cracking.

pps. I appreciate the sentiment (users choose shitty passwords) but not the conclusion (so don't bother storing them well). The proper conclusion is use scrypt/bcrypt and increase the work factor. You can take reasonable steps to protect your users and you should.