I don't know if you're familiar with what polarizing does, but I debated getting polarized Oakleys for a long time before deciding that I didn't need them unless I was fishing.
A polarizing filter allows only light waves that are in one orientation to pass through. As an example, if you were to look at a flashlight or laser directly into your eye, the light waves are oriented in all different degrees around the axis of the light beam. A polarizing filter will take out all the waves except for, say, the ones that move in the 12 o'clock to 6 o'clock (as you look down the beam).
How this translates to real life is that light waves from the sun are oriented in random directions. Also, as the light is reflected off of surfaces, the orientation can be changed. The polarized lens filters out all or most of the light that is not oriented in one particular direction.
When you look through a polarized lens into a lake on a sunny day, the reflections will be reduced, so you can see farther into the water. Oakley's polarized lenses are slightly lighter in shade than their black iridium lens but are still pretty dark. The regular grey (no iridium coating) is much lighter than the black iridium because the iridium reflects more light away from the lens. I get good contrast from the black iridium lenses, so I don't bother paying more for the polarized ones. If I felt that my sunglasses were more of a priority (and I have 3 pairs of Oakleys including 3 different lenses for the M-Frames), then I would be buying the polarized ones just in case I come across the situation where I would need them.
The iridium lenses do scratch more easily than the regular lenses, so a little care needs to be taken to avoid doing that. The scratches show much more on the iridium too.
gm