Advantage of converting GoPro video files with GoPro CineForm?
The GoPro CineForm Studio Manual sums up the advantage as being primarily one of unpacking the compressed and native MP4 file that the device records to. It also introduces metadata, allowing the user to adjust elements of the video such as the contrast or scaling. As these are metadata elements, you can continue to adjust these on the fly, while the media is being edited in your video editor.

Read the guide here.

I'm not sure if this will replace the conforming process I use importing media into Final Cut Pro X, but it's a great addition to the workflow as I look more into open source editing tools.