if a gaurd likes you and you have a bounty of 100 or less(i think) he'll "remove" your bounty for free
and merchants would give you better prices
and if you ever got in a fight with an npc with a high dispostion they'll more likely accept your yeild
(i found this one with cheats

) if you max out personality and speechcraft bandits in caves would just let you walk by and if you talk to them they have only rumors to interact with(if i remember corectly)