I have a bike with those, and I always wonder: what problem do these solve? I think they are a case of technology for technology's sake, not that they are an actual improvement over Schrader valves.
Presta valves are lighter and more aerodynamic than Schrader valves and they let less air escape when you pull the pump head off of a high pressure tire. They also restrict the flow of air less than a Schrader valve when you are pumping them up. You can also put a simple and cheap adapter on them that basically turns them into a Schrader valve