it allows the program to reference memory without having to manage it in the heap space. it would make the program faster in a memory managed language, otherwise it would reduce the memory footprint consumed by the program.
And I/O bound programs are I/O bound whereas programs that aren't, aren't, so it really isn't meaningful to talk about whether "you" are I/O bound to the point that it's significant--maybe you are, maybe you aren't. I agree about experimentation.