1) Cheaper 2) Better resolution. You can get to *maybe* 0.25 dB differences. On the digital one, you're actually hard pressed to get a 1 dB difference accurately. 3) I was happily surprised by this, but a 9V battery lasts much longer in the analog one too. The display on the digital model consumes a lot of power.
Actually, the only benefit I found to the digital one is that you can read the number on the display from further away. (Adjusting a sub level in a corner of a room, for example.)