1. +230m/s orbital velocity [1]
2. +9km launch altitude [1]
3. can launch in more weather conditions
4. 1st stage can abort mid-launch without loss of payload.
Of these, the most important is the increase in launch altitude, because that means stage 2 launches in air of greatly decreased density, leading to the following efficiencies:
A. a vacuum-optimized nozzle can be used, increasing engine performance
B. less aerodynamic/drag energy losses
C. max Q should be lower, allowing full throttle usage, reducing mass needed for structural elements, and reducing vibration stresses on payload
P.S. Thank you KSP for teaching me this stuff! :D
Bonus: video of pegasus air launched rocket: https://www.youtube.com/watch?v=jz_5hnIw2jc