The main benefits are that it cools inlet charge and cylinder temps, allowing you to run more boost/timing.
Water is better at cooling the inlet charge and methanol is superior in the cylinders, plus it also boosts octane.This is why people run a mix, although some run a small % of methanol to stop water freezing in cold conditions.
I have it fitted but atm its just spraying water.The reason being is methanol is highly toxic and I don't particularly want to store something so flammable in large quantities.
When my car was mapped, it was done with the WO off(not what I asked for), so when its on, it actually loses around 8bhp as you have to lean off the mixture when spraying and this hasn't been done as yet.