May I add another advantage of Latin, protection against phyletism or religious nationalism that has plagued the Orthodox with their use of the vernacular. The use of Latin is a powerful reminder that we are united in a single universal Church, a union than encompasses both space and time, a union centered on the Church of Rome.
I tend to think that the problem of phyletism is more due to the fact that the "state" in the East (starting with the Byzantine Empire) succeeded in "capturing" the Church leadership and made it stick, while the similar attempt in the West failed (Holy Spirit at work), than to the use of Latin.
I know "I" don't need Latin to understand the universiality of the Catholic Church (that's one reason I converted to it, after all).