It helps develop a plethora of essential skills. Hand eye coordination, hand speed, timing, accuracy, etc. There probably aren't any pro's out there that don't use the double-end bag. It is an essential piece of equipment for any fighter.
Probably the second most useful bag in the gym! I think it is absolutely neccessary to develop a fast accurate jab that can deal with a slipping opponent. When you can land 3, 4, 5... HARD jabs in a row? That jab is like a head seeking laser! A good way to work it is to ping it with the jab, shift, and try to ping it again solidly. At first you will be embarrassed as hell because you will be missing. Eventually though? Your targeting will improve DRASTICALLY.
it's great to practice snapping punches, combos, getting used to moving your hands and feet together, and they're pretty fun to hit [speed] with a workout partner standing on the other side of the bag
It's the single greatest piece of boxing equipment for hand speed, accuracy, and defense. Hands down...