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The most obvious benefit to preparing your own food is that you know what's in it. People consume 50% more calories, fat, and sodium when they eat out? Sometimes restaurant meals are heavy on things like rice and noodles, and lighter on vegetables. It's tough to get your days' worth of vegetables when you eat out.
It is also a lot easier to overeat at restaurants because the portion sizes are typically a lot bigger than what we'd serve ourselves at home.

You can save a lot of money by eating more home-cooked food. This is true even when you buying high-quality organic fruits, vegetables, and meats. If you typically spend $100 per week for food for 2 people. This is usually enough food for all of meals for the week. You'd likely spend more than twice that amount if you ate all of your meals out, and that's for relatively inexpensive restaurants.
Figure $2 for breakfast, $6 for lunch, and $8 for dinner. Multiply that times 2 (for 2 people) and times 7, and the total is $224.
Now if most people don't eat every meal out, but this demonstrates how much can be saved by cooking your own food.

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