There are no real benefits to it to be honest, it's just another widget to go wrong.
My Harley has it, and I love it. Just get off the bike and a few feet away it cannot be started until you get back on.
However, I did have one problem with mine, caused by a weak battery in the FOB. I could NOT start the bike with the FOB in my pocket and it also would NOT let me enter my six digit PIN number (which should mean I can start the bike without the FOB).
So what I did is put the FOB far from the bike (several yards) and then it asked for my PIN. I put in the pin, picked back up my FOB, rode home and then changed the FOB battery and now all is fine.
While it could be "another widget to go wrong" IMO, it's safer than a key immobilizer because no key or FOB is needed after it is set up with your own six digit pin.
I wish all my bikes had a FOB that worked like my Harley FOB.
BTW, the FOB was about the only thing I liked about the Harley LW.
-Don- Reno, NV