VFDs give much better control of the motor at custom speeds. They understand how to shape the waveform to get high torque out of the motor even at very low RPMs. I have the VFD on my mill setup with a simple control that gives me a 10x range in motor speed (by changing from 9-90hz on the 3 phase side), and with VFD-ready motors you can get an even wider range.
It is also kind of cool flipping the direction switch and watching it slow to a stop, then reverse in the other direction. That isn't very useful though.
If your current setup meets your needs then there might not be a reason to tinker with it. VFDs are amazing though, and there isn't any reason to consider anything else. My lathe has a single phase motor and I've often considered getting a 3 phase and VFD for it.
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