I've noticed that whenever I read up on sweep picking arpeggios and whatnot I always hear about the difficulty of the technique and it's rightful place in the shredding realm, but one thing I've really gained from learning to sweep pick arpeggios is that it's really, really helped me become familiar with my chord voicings up and down (and all around) the neck. Really, my knowledge of chords outside of basic open and bar chords has branched out from learning the piano arpeggios from 'Serrana' by Jason Becker. I by no means can play it up to speed, but the way it covers those 3 or 4 basic chord shapes and the inherent simplicity of the progression is something I'm always internally referencing when writing or jamming or what have you. Has anyone else benefited in this way from sweep picking?
I agree with chord construction improving, when you can pick out every note there is more incentive to learn interesting voicings and stuff which you can then use for chordal stuff.
I guess for me it was becoming more comfortable picking, I felt my pickng accuracy increase a lot and my improv got more interesting as I was using weirder intervals due to happily throwing in sweep-like shapes.