* Better fuel economy: Lower RPMs generally mean better fuel efficiency.
* Quieter operation: Lower RPMs mean less engine noise.
* Reduced engine wear: Lower RPMs put less stress on the engine.
However, if you floor the accelerator in overdrive, the engine will speed up and your car will accelerate, eventually reaching its maximum speed (though perhaps slightly slower than it would in a lower gear). So, it doesn't *limit* top speed, but it changes the engine's behaviour at a given speed.