Welcome to the site. :)
Size, shape, color, and observed hatching behavior are certainly important, and matching them will get you a long way. The main reasons for learning entomology are less significant, but still worthwhile:
- It lets you match the appearance and behavior of the unseen stages of the insect you're seeing, and sometimes those are the ones the trout key on, especially the nymphs or pupae.
- It helps you fill in the blanks about behavior of the insect that might be difficult to observe over the short time you're watching. For example, should you fish a dun or an emerger? It depends on how long the species takes to emerge, and how long it sits on the water afterward.
- It gives you some expectation of what will happen on any given day, so you know what flies to bring and so you have a little sense of what will happen next on the stream. Say you saw a bunch of duns coming off -- when can you expect them to return as spinners?
- It's just fun. This is the real reason. The other two are excuses to make it seem less frivolous.
Even with a camera it's hard to identify the
exact insect hatching unless it's a major widespread hatch. Just look around this site for all the specimens labeled with a family or genus name instead of species -- that's because we haven't been able to identify them down to the species level. It can be pretty hard.
I would still encourage you to carry a camera, photograph your hatches, and post them here in the "Get Bugs Identified" forum; the above paragraph is just to temper your expectations. I'll try to get an article up soon about how to take good pictures for identification, but here are the basics: get top, bottom, and side views, as close-up as you can. If it's a nymph, you can skip the side view, but photograph it in the water against a uniform background (even cupped in your palm will work, as long as it's submerged).
By the way, even if you don't get your hatches perfectly identified, your photos can serve as a valuable guide when you're tying imitations.