The advantages of this include

-Converting key frames to curves and using deformers then converting the curves back to animation
-"Drawing animation"
-Simplifying motion capture and baked animation
-Importing curves from Photoshop or Illustrator
-Exporting the curves to be transferred to other scenes and characters

Updates:

1.2-New icons and a shelf button.

1.5-Fixed bug that created a key frame at time 0, value 0.

1.6-Fixed color assignment and added new images.

2.0-Objects and attributes can now have "_" in their names (as long as the object or attribute name is not book ended with "_". EX. "_pCube1 or pCube1_").

2.1a-Improved icons and refined code.

2.1b-Fixed small problem in the rename curve function.

3.0-Rewrote most of the code. "Mass Rename", this interface allows the user to quickly change the object and attribute the curve effects. Shelf button is created in current shelf.

3.5-Cross platform compatible. (Note for Mac users, the mass rename window does not display properly).