Other than the fact that squats are awesome they are essential to your well being.
The squat helps your hips, knees and back maintain its functionality as squats are simply the action of sitting down and standing up again.
If you are told by certain professionals or similar not to squat as it is bad for your knees or it will hurt your back please enlighten us on how you levitate, as I wonder how you get off the toliet.
Athletic performance also benefits greatly. The ability to jump, run, throw and punch with power all relate to the biomechaics of hip extension which is improved through squatting.
Added: 26-07-2011