Top Benefits:
- Database Abstraction
- API-centric design mentality
- High Level == Less to worry about at the fundamental level (its been thought of for you)
I have to say, working with an ORM is really the evolution of database-driven applications. You worry less about the boilerplate SQL you always write, and more on how the interfaces can work together to make a very straightforward system.
I love not having to worry about INNER JOIN and SELECT COUNT(*). I just work in my high level abstraction, and I've taken care of database abstraction at the same time.
Having said that, I never have really run into an issue where I needed to run the same code on more than one database system at a time realistically. However, that's not to say that case doesn't exist, its a very real problem for some developers.