This way I can hack at work, hack at home, and hack on the plane... and I am never tempted to push one of those shitty "not done but committing because my flight to china is boarding" commits to the central repo (which is on a server accessed via ssh like normal).
It also saves my time because I don't have to git pull every time I switch computers in order to keep hacking where I left off.
That's a big, big win in my opinion, but it is just the same big win that Dropbox provides for various kinds of work. I don't see anything magical about the git+dropbox combo.