+1 for the link to Fowler's page.
Personally, I just found it "nice" to know whenever something didn't compile because we had the poor practice of having a single build (yes, we developed on the production build; we were awesome). We hadn't got the integrated testing phase before I left.
After a while, it did, however, lessen the amount of massive coding changes (compared to the "check in and pray my changes don't conflict" that was rampant). Eventually, most developers started making small changes frequently just to get confirmation from the CC.Net tray icon.
Overall, I found it very comforting to know that we could send out a build immediately if we had to. Had we had just a few smoke tests integrated, I think the stress-level would have been substantially lower.