1. completely backwards-compatible with ASCII
2. you can always tell if you're reading a part of a multibyte character or not, meaning that you can tell if you're reading a message that was cut in some random point and can tell how many bytes to drop before reaching the first start of a character
3. endian-agnostic due to being specified as a byte stream
4. contains no null bytes, so it can fit in any normal C string
Point 1 is absolutely vital for backwards-compatibility and 2 makes it better than a lot of other multibyte encodings. Consider for instance chopping one byte off the start of a ucs2-encoded string - you'll get complete garbage. And 3 means you don't get strange endian-related errors.
It's a robust, resilient encoding that's a drop-in replacement for ASCII and needs no special support from many utilities - tail and head for instance can work with UTF8 text as if it's plain ASCII, just looking for a \n byte and chopping the input in lines.
So yes, I do think it's elegant. It may not be the simplest possible encoding for unicode, but it's extremely practical.