I imagine the greatest value of a moon base would be as a launch platform for deeper space missions.
That was one point of Moon Base Alpha:
http://www.youtube.com/watch?v=ezzsTnZX5Jg
As long as the bad haircuts are gone and uniforms lose the bell bottoms, build it. I want my Eagles, U-Shaped Energy Weapon (extension of fist if no power), and moonbuggies.
How would that be an advantage? (Keeping in mind that everything you put on the moon would have to be shipped up from earth anyway, and then decellerated to land on the moon without making a new crater, and then have to be boosted out of the lunar gravity well to get going again)