Upon research, it seems there is other ifnormation contained in the folder. There is one that should not be deleted. Ellergreen, if you can access the System volume information folder, you should not delete the tracking.log file.

The files you can safely delete are related to the system restore points (already mentioned) and the indexing service which most home user PCs don't utilize anyway. As an added measure of safety, you can copy the files to a floppy or a CD-R before deleting them.