More info in the e10s-multi bug and its dependencies:
https://bugzilla.mozilla.org/showdependencytree.cgi?id=e10s-...
(also a nice way to look for known issues that might affect you if you're interested in trying out e10s-multi)
The main advantage is that browser chrome is still responsive during rendering. You can switch tabs, open menus, resize windows etc. Also, rendering is a little faster since you don't have to interrupt it constantly to keep the UI responsive. And if the content process dies, all your tabs are still "open" and you can reload the content.
It has a model of one process per tab until you have enough tabs, then tabs start sharing processes based on various heuristics.
Now that everyone has a multi-core cpu, it makes more sense to not really worry too much about scheduling. The OS will just move stuff off a busy core and onto a less busy core dynamically. So why not just separate the UI front end from the rendering and call it a day? Why bother with so many processes when you have cpu cores to spare? The UI and renderer will run in their own cores when they get too cpu hungry. Also, if the renderer crashes, no biggie, the UI just re-renders everything.
Also, you gain memory savings as you aren't spawning all those processes which have redundant libraries and such loaded.