The biggest advantage of latex is that by (mostly) separating content from presentation, you can use revision control systems like git or svn to collaborate on papers. You can be in that final hour before the paper submission deadline, on a skype call with four authors scattered around the world, all simultaneously editing the paper (each using whatever tools they prefer), and be reasonably confident it won't all end…
I agree with this, my thesis committee wanted my thesis as a research paper (irrespective of whether my work was going to be published or not) but in the final stages the graduate college declined to approve it in spite of my committee's approval because they require a predefined format of the thesis. The change of format took me a few minutes, thanks to latex. I can't begin to imagine how much work and anxiety it wo…
Unfortunately my advisor doesn't do LaTeX so it kind of sucked for collaboration.