The main benefit is the contrast ratio (since each pixel can be turned on or off, much like a CRT so true black actually exists, while on an LCD you get a dark grey due to the backlighting). The disadvantage is the burn in. The oversaturated blues are to prolong the life of the blue LED's which burn out faster than the other colours.
Personally, as long as it's an IPS SLCD or a SAMOLED, I don't particularly care which one it is (both are quite good to me) and go for the rest of the phone specs. But I can see how many would have a specific preference.
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