White gains central space and frees his light square bishop and queen

Black does the same

White develops a kingside piece and controls the center

Black develops and defends his center

White indirectly attacks black's e5 pawn

Black relieves some pressure and avoids doubled pawns

White prepares for a d2-d4 pawn advance and gives the b5 Bishop a place to hide if black's queenside pawns kick the bishop around

Black forces White to either give up his bishop pair or retreat

White drops his bishop to safety but keeps pressure on black

Black frees his c8 Bishop and supports the e5 pawn