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Faster and more correct syntax highlighting is the main benefit atm, as I understand it.

In general it's for functionality that needs to understand syntax but doesn't need a full compilation-level understanding of the code, that can benefit from much faster responses than an LSP server can provide and that people may want working out of the box for many languages without having to install and configure language servers, generate compilation DBs, etc.

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Also: indentation, beginning-of-defun/end-of-defun navigation, and probably Imenu later.

All the basics of major modes that up until now have been implemented using bespoke algorithms, rewritten ad-hoc for each language.

For easy thread reading. Imenu is a way to jump around in the file M-x imenu gives menu of different types of locations (ex functions), you select functions, then you can select the function to jump to.

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