Well as you said its good for checking all the vitals, and also making changes on the fly.
It's also there for the same reason we like to put gauges in the car, to keep an eye on things. Its not as if you keep your laptop in the car all the time, so having a HC that can edit your map(if you know what doing....i don't) or knock back a few degrees of timing or change rev limits etc is handy to have, but it's not a tuning item, its greatly limited in this respect
But yes the FC is old, and it's being overtaken by later and greater things that has more flexibility eg. MAF & MAP support in the same unit, but it still rates quite well compared to the new boys on the block as it still has its functionality & tunability. They all have their weak points & strong points. As much as being able to fully tune from the HC would be nice, its just not going to happen.