What's the advantage of view blocks? Instead of creating a block for each view, I simply display the master views in the panels on my website. As that works perfectly until now, I'm wondering why one should create a view block. Do they have any advantages over master views? Is my way of acting risky in a sense?
I wonder how you embed the View in your site.
(I'm aware of views_embed_view() or any other PHP method. We good people don't even enable the PHP module do we?)


Block caching. Views exposed the Views to the blocks system, so they can cached, altered, and just about anything regarding blocks can be done. 
If you want to have multiple blocks/displays out of the same View, you do have to create blocks. More views = more headache.