They look cool, obviously.
They do make it a bit easier to remove the wheel in a non-mudguard situation, and tend to be longer, meaning you can have a greater range of gears with a flip-flop hub, though there's no reason you couldn't have longer dropouts.
You can use the quick release thingies from front mudguards on the rear to make wheel removal a bit easier with track ends, though I've never bothered.