Lots of benefits both for baby and for you. Number one for me is the bonding, when the baby first arrives I find it helps form a strong bond.
Assuming you have no issues with supply and feeding, it's literally there and on tap, whenever you need it. No getting out of bed in the night with a screaming baby, you literally just pick them up and that's it. You don't need to think about amounts etc, Mother Nature works all that out, you can't actually over feed a breastfed baby (or so I was told by the midwife). The boob is my go-to solves everything if it isn't any of the other obvious things wrong, wet, cold, wind etc.
It's free, there's not really much required in terms of equipment apart from a nursing bra and some pads (you might buy a pump obviously).
It tends to keep your periods away which is nice too.
The weight loss whilst dining like a king and doing no exercise is amazing, I was back in a size 8 within 4 months both times and never stopped eating. (Note this could be my sheer luck though)
I also found that in those first weeks/months when people can be a bit over keen about holding/having your baby, you can easily get the baby back with "he/she needs feeding".
I breastfed our first child until 13 months, it wasn't all plain sailing, it was hard at times. It was agony at first and she had problems with weight gain. I stuck at it out of stubbornness I think, I'm glad I did though. I'm 5 month in feeding our second baby, the experience has been completely different. I've never had any pain (apart from mastitus for 2 days) and he's gained weight so well. I've loved it this time, except he won't have a bottle so I haven't had anytime away from him.
What I would say is try not to pin too much on it working though, it's great if it works but if it doesn't for you, don't feel bad. Your baby will do just as well on formula, a happy well fed baby is what you want at the end of the day
. Good luck with everything.