In addition to being more secure than a standard bowline, the Yosemite variant is also easier to untie after a load. Climbers often make use of the advantages it offers over other knots in using the knot as an alternative tie-in to the Figure Eight, and to secure heavy loads such as haul bags.
The only downside to the Yosemite Bowline is that it is more difficult to visually inspect than the Figure Eight. It was a Yosemite Bowline that was used by Lynn Hill in France, which failed, due most likely to being improperly tied, causing her to careen 70 feet to the base of the climb. Be sure to practice the Bowline many times before trusting it with your life.