I think this is one of the best sites for learning about the value of dispersion:
Linkwitz Lab - Loudspeaker Design
Pros of good dispersion:
1. Easier to hear yourself
2. Easier for your bandmates to hear you
3. Easier for your audience to hear you
4. More consistent tone with changing listener position
5. More consistent tone in different venues with different acoustics
6. Stage-monitoring becomes less important
7. PA support becomes less important
8. Any bleed into mics sounds more like your preferred tone
9. You get a better performance from the band because they're all hearing the music better
10. The audience enjoy the gig more because the band are playing better
Cons of good dispersion:
1. More bleed into mics
2. Your mistakes are more likely to get heard
3. If you talk about it you risk being accused of being some techy nerd who's more interested in gear than music...
I like good dispersion because I hate fiddling with gear when I'm in 'musician mode' and a cab with good dispersion makes setting up, sound checking and gigging a whole lot easier - especially when you're playing small venues with less than ideal sound engineering and PA systems.