Advantages of good quality and measured port and polish are:
Matched inlet and exhaust ports, which allow for equalised air flow, pressure and volumetric efficiency.
Lower compression, thereby reducing temperatures in the head and the air at intake.
Wider exhaust ports allow more efficient scavenging of the exhaust gases.
Any work carried out though has to show proven gains on a flow bench as too much material removed will make the head worse. Also any polishing should be carried out to take into account the turbulence affect required to give a good air/fuel mix. Most heads are rough cast with the ports left untouched and this is where problems can arise and is one reason why some cars make better power than others.
When I had a P&P'd cylinder head installed to my supercharged ST170, the car made the same power but at lower overall pressure (down about 3psi). This is good as it means lower temps and thereby a more efficient engine.