PHP is easily and inexpensively deployed on commodity hosting.
PHP has a large base of existing code that can be re-used and built upon.
PHP has a large base of existing documentation that can be learned to get up to speed on it.
PHP has a large base of existing developers whose knowledge can be tapped into via services like StackExchange.
Most of these advantages aren't really intrinsic to PHP-the-language so much as they are to PHP's position in the marketplace. PHP is popular because it's easy to deploy, but it's also easy to deploy because it's popular -- hosts and admins are willing to put work into supporting PHP that they're less willing to put into supporting languages with smaller user bases, because the upside for doing so is so much bigger. But that doesn't mean they're not advantages.
On the plus side, PHP-the-language has gotten a lot better and more pleasant to use over the last few years. It's still got warts, as you note, but it's a long way from the incoherent grab bag of functions that it started out as. And while it's definitely possible to architecture-astronaut it (cough Symfony cough), it's also possible in PHP 5 to write reasonable clean, modern-feeling code without having to jump through a gazillion flaming hoops.