Stuff I can think of off the top of my head:
It's easier on the fingers. You can move around using jkl, perform clipboard operations,deletions and other text operations generally without having your fingers leave the main keyboard area to reach for the modifier keys or arrows.
It works especially well if you remap Caps to Escape.
It's logical: dd deletes a line. 10dd deletes 10 lines.
f+ moves the cursor to forward to the next '+' character on the line.
2f+ does it twice - moves the cursor to the second '+' on the line.
df+ delete from the current position to the first + character.
Commands are chainable:
d2f+ deletes from the current position to the second '+' on the line.
In general when you have modal UIs (not specific to text editing) it makes it easier to accomplish work as you're working in a 'mode' that is specific to your task. When in insert-mode, your keyboard is used to insert text. In editing-mode[1] your keyboard's functionality is now used for the sole purpose of making edits and manipulating existing text. In visual-mode, the keys provide functionality to easily highlight and manipulate highlighted text.
That said - modal editing does have its drawbacks. There's a higher learning curve. And the lock-in thing I mentioned isn't necessarily a good thing. Non-modal editors can reasonably emulate each other's keybindings allowing you to easily shift between, say, Sublime and Textmate and Visual Studio. But good luck doing any of that with Vim thrown in. Also, Vim users have to still learn a reasonable amount of emacs keybindings in order to efficiently use the command line and native text fields on Linux/MacOSX.
Also as someone joked recently - Vim has 2 modes:
1) Beep at me
2) Destroy all my text
[1] not actually called that but that's how I like to think of it