(no subject)
One argument for it: you can select a particular window with the keyboard alone. But you still need to hunt around quite a bit. And anyway, if you have full keyboard access turned on (which seems to be the Panther-install default), you can do the same thing by focusing on the Dock (Control-D (actually I use Shift-command-D... yay for customizable bindings)), arrow-keying to the right icon, up-arrowing to the right window name, and voilá.
OK, I thought of something: if you are a graphic artist Exposé can be more useful than deciding from the Dock menu which "Untitled N" window is the one you want. But I work primarily with text, and hence all my windows, when shrunk down to shrinky-dink size, become the same sort of white rectangles with gray smudges. That's fine, then.
$.02