For your case, it is more for the looks than anything.
With good edge-work, the piece fit so well together that you may have a hard time getting capillary action to work for you. The pin is needed in this case so that it make the gap wider. The wider gap serves two main purposes. 1, to get better capillary action (gap too narrow or too wide won't work well), and 2, to let air bubble to escape so that when you clamp the piece down, there is not trapped bubble.
Soaking the edge is usually done with a shallow pan. For 1/2 material, I don't think you need to do that. It is one of the best way to ensure good joint if you do it correctly.