Benefits - if you are xhtml compliant, then you can be assured that the page will load in all browsers, you also then meet about 90+% of the W3C Web Accessibility requirements.
Basics - Here is a list of basic xhtml requirements with some examples.
Tag Deaths - <font> and <center> Here is the list of the replacements:
<table> - isIE6 actually follows the W3C DOM correctly. Tables inherit the properties of the parent table. If you center a parent table, the child table is centered, but you can over-ride that by declaring the alignment (or other attributes) in the child table.
JavaScript in Tables - Must be within the <td> tags. If you want the JavaScript to build a table row or cell, you must have JavaScript build the entire table in order for it to validate xhtml compliance.
<img>, <table>, and isNS6 - By default, Netscape 6 treats images that are in table cells as css text boxes. This has the effect of forcing a 14 pixel padding above, and a 4 pixel padding below the image, which tends to break many page designs. To overcome this, add img { display:block; } to your css file, or in the <img> tag, put style="display:block;"