The advantage of running Emacs in a graphical frame is that you can display images in it (I sometimes edit some SVG by hand and want to see the result: C-c C-c) or, even more useful for whoever write documents, PDFs (I split the screen vertically with C-x 3, have the LateX on the left, the PDF on the right). In a real terminal, you can use the mouse (after installing the "gpm" package) but not in a terminal emulator (i.e., in a X session). The mouse is sometimes convenient (e.g., when rereading correcting typos).

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