I wasn't aware of the benefits of this, but it seems so sensible when you think about it.
The transition to breathing for themselves after birth must take babies a bit longer than the 20 seconds or so babies are often given after delivery before the cord is clamped. Their little lungs have to inflate and their blood pressure adjust. It seems so much more sensible to just wait a few minutes.
Apparently it used to be common practice to wait.
www.scienceandsensibility.org/?p=5730