1) BBM is essentially a text message that is free. This is handy when you're oversees (business execs) for example. You can be in Taiwan and shoot a BBM to your partner in SF without having to worry about some ridiculous charge.
2) Read Notification - BBM will tell you when your message has been read or not (as opposed to text messages)
3) Group Chat - BBM does this really well - very easy to text and have conversations with multiple people.