Adjusting the refresh rate to the performance of the desktop is one.
That's the definition, isn't it? Why is this better than a fixed refresh rate? Can the monitor scale the rate down to consume less power or something?
I also heard it would make it easier to manage multiple monitors sporting different refresh rates, although I haven't had issues with that personally.
I heard that too and got similarly confused. I work with two monitors with different refresh rates (75 and 60) on Mint and it seems fine. Is X downgrading my 75 Hz monitor to 60 silently? I don't know how to check that.