yeah, it's aerobic endurance (can also be anaerobic endurance if you do sprints in place), it works your upper and lower body and increases agility.
The shoulders and traps and calves will strengthen. Cardiovascular, balance, coordination, speed/foot work and strength like I mentioned (with heavy rope even more). It's an excellent exercise for almost every sport.
I despise jumping rope. It's basically the least favorite part of my exercise. I put in my 3 or 4 rounds and thank God when it's over.