1) More transaction capacity
2) Fixes TX mallaeability
3) New mechanism for adding OPcodes
4) More flexible security model (fraud proofs)
5) Potential bandwidth decrease for SPV nodes.
point 2 will be fixed, yet blockstream introduced RBF as the new way to 'con' merchants. ultimately there is still a problem
point 3 actually reduces point 1. its like having a 10 bedroom house each room has a bunk bed. but then you let the neighbours kids take the top bunk. such as the fat kid known as confidential payment codes(250bytes extra bloat per tx). while making your own kids get adopted by the neighbours(sidechains) and you charge them 60cents each time they want to come home for the day, hoping they eventually stay at the neighbours because the family home is too crowded
point 5, along with no-witness mode, along with pruned mode reduces the real fullnode count which makes point 4 more of a headache if there are less real honest fullnodes.