Some benefits:
Reduces pain
Allows better lymphatic drainage
Elastic (so allows better range of motion)
taping can be modified for different injuries
if applied correctly, may last up to 3-5days per application (yes you can bathe with it on)
I've tried it on my wrist (tendonitis) recently and feel that it helps, less pain and better ROM than conventional rigid taping. I'm not sure whether it's a placebo effect though, so if you guys are interested to try it out, let me know. Each roll of tape costs $25 (but it is a relatively large roll, and lasts longer than rigid tape). I've read some of the basics on this type of taping so I may be able to tape for you if you need to learn the basics. If you are looking to immobilize your joint however, i still recommend rigid taping. but for tendonitis and muscular injuries, i find this tape works well. If there's enough interest I can try to ask for better price on the tape.
Some links for you to read if you're interested:
SpiderTech
KT Tape
Alex Puccio and various other world cup climbers use it too!
Disclaimer: I'm recommending this tape as a stop-gap measure when your injury is mild, or you are recovering and coming back to climbing. It's not meant to be a cure so please don't push too hard if you are injured! Tape is not a substitute for strengthening exercises, icing/massage and a good physiotherapist. (:
