It is useless Champagne - because it's an urban myth.
The UK 'Daddy Long Legs' is a species of crane fly, and it doesn't bite anything.
The 'Daddy Long Legs' spider, with which the crane fly is often confused is highly venomous, but only to its prey, including other spiders. It's fangs can penetrate human skin, but its venom is harmless to humans.
Andy as ever is correct. My young son came out with the deadly venom bit and It sounded a bit unlikely to me so I researched it and yes it is and urban myth. What we call the daddy long legs, as Andy also points out is in fact a crane fly, harmless. However I cannot answer the original question catso, I imagine their real job is to be food for something else.
Well you do know something Champagne, it is one of the several unrelated species of anthropods
If its the crane fly that Catso is talking about here, then I think they have those "ridiculous legs" because they get high on grass, let me explain..
The larval stage of the crane fly are commonly known as leather jackets or drug crazed biker gangs, they prefere to hang-out under lawns and short grass and attack the roots.
When its time to morph into crane fly's (daddy long legs) they find a little extra length in the leg department quite useful for getting their wings into action above the blades of grass, well thats my theory anyway.