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I rarely use quickmask actually, I usually jump right to layer masks (although they work the same).

The real advantage is the paintability as toxin said. You can use any painting tool or filter that effects pixels to change the mask. It makes for a more forgiving non-linear process of selecting areas. Something else that's nice about it is that it make partial selections much simpler. By than I mean you can make something that is only half selected or 35% selected (like feathering with 100% control of where it's feathered). So making fades and transitions is much simpler using masking than using selections.