Even if you SAC isn't the greatest, and you don't get the benefits of the longer bottom times, your surface intervals can be a great deal shorter.
It also affects the depth at which you get narc'ed.
One other perceived benefit, I say perceived because you can't quantify how good you feel, but you aren't as tired after nitrox dives. A buddy of mine says it makes him feel "like a new man!" I also noticed this after a day of rough seas, and alot of technicolor yawning on my part. Usually when I get sea sick, I feel better once on dry land, but am completely wore out. That day, with some extensive sea sickness, I felt great when I got back to the dock, and did for the rest of the day too.
The bit about the equipment is a little misleading. For Nitrox 1, which is 40% O2 and below (IIRC), you only need a special tank, or the tanks you're usuing to be O2 cleaned. The rest of your gear, provided your computer is Nitrox compatible, will remain the same. If you go on to nitrox 2, I believe that's a different story.