You get a slightly longer cutting edge per inch of blade. You also get a cutting edge with an angle that varies as you are cutting, which should translate into more cutting power as well. As far as I understand (which may be completely wrong <img src="/ubbthreads/images/graemlins/wink.gif" alt="" /> ). I guess it would also aid pull/push cuts into something.

You do lose the ability to sharpen it properly without a little added skill/practice.