The idea is this, as an example but definitely not limited to:
There are 7 types of armor I believe (Leather, Studded, Bone, Ringmail, CHainmail, Platemail and Dragon armor(No one uses dragon armor as it looks hideous
)). I have methods for each type of armor, some of these methods are shared among 6 different method scripts, if there is a way to have an item class based method script where we can define customs which affect the class of item as a whole, some of this repeated code can be just in one location. I have a similar setup for weapons as I do for armor.
There is obviously a good many other examples of the benefits of having a feature such as this.
These would just be for the built in item classes and obviously the entirety of the object classes although, I won't deny that that would also be pretty nifty but baby steps and just this would be goodly.