I did them for years in the belief that they would expand my ribcage. My feeling is that they probably don't do anything, but this isn't based on anything concrete.
Always found it an enjoyable exercise, however, and certainly seemed to help my flexibility.
230 strict press @ 220; bodyweight+187 X 4 dips @ 180; 403 front squat @ 210; 10 000 push-ups.
Ignoring irrelevant credentials since I was 17.