Additional benefits
nAssure that more than one person has seen each part of the projects and has a basic understanding of it nIdentify reusable components within a project or across projects nProvide data on common mistakes that can then be used in testing
nLocate areas where code or function is duplicated
Here are some additional benefits that I have thought up.

Having multiple people see and understand each part of the code gives you an insurance policy in case someone jumps ship or goes on vacation, etc.

Code that looks useful can be identified and organized into libraries.

Tests for any bugs that are found can be added to unit tests so that the bugs do not resurface.

Sometimes programmers working in isolation come up with parallel solutions where a single implementation would be advantageous.

Can anyone think of other benefits?