For example it also allows you to detach/reattach your running session, which is invaluable if you're working remotely, and especially if you have a flaky connection. I've used it in several instances where there is more than one person handling DB upgrades and the like. You can have several panes/tabs open, vim with upgrade notes, and everyone connecting and working as needed. It beats the crap out of constant copying/pasting pieces of code and terminals on some IM program to make sure everyone sees what you're seeing.
I usually also end up running it locally and bypassing the terminal emulator and WM's multiplexing abilities, but it's more out of a desire to use the same tool whether I'm running locally or on some remote box. If you don't need the latter, it's a bit harder to justify using it, even though it still has some advantages, like generally being more scriptable.