Understanding the point of iTunes Match: Is it only a storage overflow concept?

I am only now switching to using Apple's Ecosystem for my music, and don't completely seem to understand some concepts. I have played around with using iTunes to bringing an existing CD collection onto iOS devices -- classical ripping to AAC seems to work fine. It is my understanding that I can also just import MP3 and AAC collections into my iTunes library and sync those to my iOS devices (essentially a one-way copying process). Now, iTunes Match offers three main features: - Matching my local collection with Apple's, thus giving me (potentially) better encoding quality. - Making music available through the cloud, making it shareable with my family (which would otherwise be trivially replicated by putting music files into other peoples' iTunes collection). - Making storage management on iOS devices easier by pulling songs from the cloud only when needed. So, do I understand this right? If so, is it fair to say that for a competent user (who knows how to create good-quality CD rips and how to copy files to another user's account), the only remaining selling point of iTunes Match is that an iOS device can automatically manage its music storage and save some space?