Advantages of cineform if any

Hello , i wanted to know i work with mpg files from jvc 700 camera, they are copied into the system directly so i dont have to use my blackmagic hd extreme capture settings, now i wanted to know what are the advantages of A) editing in blackmagic presets in adobe premiere B) or should i convert these mpg files into cineform avi's and then edit.
So in general what are the main advantages of cineform format.