Ok, I'll take a shot. no doubt i"ll be corrected as this forum contains a lot of expertise.
1. The most important thing about it in my view is that we are allowing nature to work in proven ways to convert waste to plant food and keep it out of the packed landfills.
2. I believe the most beneficial thing about it is the same. We put in food waste that would otherwise need energy and space to be buried, and we take out free plant food and excellent soil to boost our food production.
3. I believe that a pile is better because it allows oxygen to get at more of the compost, speeding up the process greatly. I know people that have compost piles like to turn it over now and then for that reason.
4. Uh, don't put the pile/bin under your window cuz they do get rather fragrant after a while.... also they attract flies like crazy so probably best not to put it anywhere near your house if you can avoid it.