The advantage is that the CPU socket now has a more central position with the MOSFETs distributed around for a more efficient design.
The chipset cooling system is more akin to the P6X5 -E rather than the Rampage III GENE/Extreme, in that there are 3 heatsinks surrounding the CPU socket. The ASUS X58 ROG line has been utilising the 'Crystal Clash' design and the Formula is no exception as can be seen from the angular looking chipset cooling.