The Drunken Lizard Pub

Is there a noticeable advantage to having a high repair skill? I have been able to easily repair everything I have found so far with a simple pair of Tinker's Gloves.

If you have some extra money that you don't mind to spend, I found the repair training in the dwarven city to be a worthwhile investion. I personally would not spend any skill points on increasing the skill but as it's just money and I usually have plenty of it (playing a ranger who specializes in foraging early and therefore makes a living selling expensive herbs) I buy training until I've reached level 8 in repair.

Not sure how long you need to camp to repair all your damaged items if you just have the tinker's gloves but with repair at level 8, they're fully repaired within a couple of hours of camping.

If you are playing a warrior this skill is a MUST, at least 1 point.
You don't want to find yourself in the middle of a combat without a weapon.

...and the Tinker's Glove option isn't really feasible in the long term if you play with hunger turned on. With the overall scarcity of food, you can easily starve if you camp for many days to repair your gear.

If you use armor and weapons, then yes (warrior, roque). Otherwise, no. (wizard)