The main benefit of the spiral form flutes meant that you could elongate the overall length of the channel as opposed to having a shorter channel, this allows for more swarf to be carried away from the cutting bit more efficiently. The spiral motion combined with this makes the chips move up the length of the drill not dissimilar to an auger.
(Perhaps at the very slight expense of less rigidity, but this has more to do with how many flutes you have)
This traditional way was also applied to drills as well unsurprisingly.
The only benefit I can see it having today is making it easier to regrind any damage, and also a good idea for making your own custom cutters. But not really a commercial practice anymore, an interesting piece of tool history though.
Michael W
Edited By Michael-w on 28/12/2017 15:11:53