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The main adavantage (IMHO) isn't just being able to format shift for various devices although that is part of it. For instance in my family we have a couple of Kindles, a couple of iPADS, and a nook color. Legally, my books (that I pay money for) are locked into whatever devices they can be DRM'd to display on. Morally, most people think they should be able to put the books (that they pay money for) on whatever device they choose to read it on.
My books are liberated as insurance that I will hopefully always be able to read them on whatever devices I might own in the future. These DRM schemes are dynamic and so far the "tools" have pretty much been able to keep pace. There's a slight change in how a file is locked down and the techie geniuses update the tools so we can keep unlocking them. But there is no guarantee that will always be the case. So many think it best to unlock and back-up as you buy rather than depending on an uncertain future.
There are plenty of current cases of companies going out of business and their DRM schemes and Cloud Storage being un-workable in the modern device climate.
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