I am by no means an expert, but I got fascinated with coralline at one time and did a little reading, and here's what I found:
Coralline stores calcium in the carbonate form. So I imagine this means it will help with PH buffering.
Coralline helps to prevent the growth of other nuisance algae. Not especially because it competes more successfully, but because it is constantly shedding dead and otherwise useless cells. This shedding causes any algae covering (on the coralline) to also be shed. Sort of nature's non-stick coating.
It helps to prevent fouling of the intakes of grazers - such as snails etc. So should help to keep them healthy. Not sure if this is true for 'pickers' like crabs or fish that 'graze'.
In the wild, it adds strength to reefs. This is probably not applicable to aquariums too much, but every little bit helps - right?
I'm sure there are other pluses to having good coralline growth, but this is pretty much the extent of what I know. And besides - it just plain looks good.