Powerlifting and its general benefits go far beyond conventional lifting. Like all other forms of heavy resisitance training, it strengthens your skeletal system while reducing risk of injury in other sports and activities. Powerlifting (squatting, deadlifting, bench pressing) allow for the building of muscle and burning of fat. Nearly every skeletal muscle is strengthened with a powerlift movement.
The squat itself works the muscle of the legs and hips better than most other forms of training. (Medicine and Science in Sports and Exercise. 2001)
Another benefit of powerlifting is its intensity. High intensity burns a great deal of calories and a positive long term effect on your metabolism, effective for fat loss.
For women, a major benefit to powerlifting is combatting the onset of osteoporosis, which afflicts one out of five women. Resistance training alone increases bone mineral density, strength, and bone mass.
There are few other exercises that reap as many benefits as does powerllifting. What's exercise does your routine consist of?