To keep it simple:
Floating point calculations in compositing mean that all the information beyond full white are actually kept.
So if you blow out the highlights in an image and in a later stage of the composite grade down the image a bit, the information in the pixels that you overexposed before, comes back. No details are lost.
Basically you don’t have to worry about clipping your highlights anywhere.
On top of that, this allows for compositing HDR images that store color information well beyond full white. Which can give a far more realistic result in highlights etc.
Stu Maschwitz’s demo movies on eLin are actually quite helpful in explaining the benefits.
https://www.redgiantsoftware.com/elindemomovies.html
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