You'll definitely fail the MOT.
You could have the hole patched which would get you through an MOT but it's not a good idea as there will be more than one weak spot on the subframe. Personally, as it's a structural part of the car if it is rotten enough to have a hole in it I'd be replacing the whole thing with a good one.
They are still available from Land Rover at around £1800 I believe for a brand new one or a couple of hundred quid for a used one. You then have the fun job of fitting it as all of the drivetrain and suspension on the front will need stripping.
As to wether or not it's worth it, it depends what value you put on your car really. If it's a low mileage very tidy car then it's probably still worth a bit to have it repaired properly. If it's a high mileage scruffy car and you can't do the work yourself then it might be questionable.
David. 2002 4.6 Vogue SE - Alveston Red with Lightstone Leather
2007 Range Rover Supercharged in Java Black with Ivory Leather
2012 Range Rover 5.0 SC Autobiography in Indus Silver with Jet/Ivory Interior
2012 Range Rover 4.4 TDV8 Autobiography in Baltic Blue with Sand Interior
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