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One of the most notable one is:
http://www.cs.utexas.edu/~shmat/courses/cs345/whyfp.pdf
Benefits include: Easier reasoning about code correctness. More powerful abstractions leading to clearer and more succint code. Easier mechanical refactoring of code. Easier parallelism. More powerful compiler optimizations.
Apart from any benefit from actually using any language or tool, there's also the joy of learning.
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