I know that fetching a cursor will give me access to variables like %ROWCOUNT, %ROWTYPE, %FOUND, %NOTFOUND, %ISOPEN
...but I was wondering if there are any other rea
The OPEN / FETCH / CLOSE is called explicit cursor syntax; the latter is called implicit cursor syntax.
One key difference you've already noticed is that you can't use %FOUND/%NOTFOUND/etc in implicit cursors... Another thing to be aware of is that implicit cursors are faster than explicit ones--they read ahead (~100 records?) besides not supporting the explicit logic.
Additional info: