Black and White Setting on E-510

I'm wondering if there is any advantage to using the monochrome setting on the camera to take black and white shots verses adjusting it in processing. It's simple enough to take out the color in Photoshop. Besides the fact that it's an extra step you have to take in processing, is there any other reason to use that setting?

Not really.

You can use the colour channel mixer to simulate the effect of colour filters.
Rather than just desaturating the image to take the colour out.

I use it as a guide. I shoot raw, but if I think I'd like to a scene in B+W I use that mode to give me a rough idea out of the camera.

I then post process in either Lightroom or PS and convert it to black and white there.

Sort ofa best of both worlds scenario.