What is the benefit of using the HTML5 <time> tag?

I have a web application I am writing the HTML for. In the app I will be displaying a lot of dates and in HTML5 they added a <time> tag. If I wrap all of my dates and times in the <time> tag what will be the end result for the user? Do any browsers style it different? Are there any screen readers or plugins which will interact with it? I know it is supposed to make the dates easily machine readable, but what is the computer going to do with it? I am not really sure what benefit this will have to the user experience and the usability/accessibility of the site.

UPDATE: I checked gCal and it is not using the <time> tag anywhere. Does this mean it is not worth the time and money making the back-end code automatically wrap all dates/time in this tag?