Is there any point in adding a non-Steam game to Steam?
Is there a point in adding a non-Steam game to Steam?
Are there any advantages besides being able to launch the game from within Steam?
Having everything in one launcher is nice, but the big advantage is that it will try to enable the steam in-game interface. This isn't always a good thing - you may want to disable it for some games if it makes them unstable.
Launching non-steam games from steam will also display to your friends that you are playing that game. For me, this is a critical feature. It will not track your play time on that game, however.
Update: You can now in-home stream non-steam games if you add them. Thanks to the other replies for mentioning this.