For the millenium stretching from 1054 to 1970 Roman Catholics shared a common language of liturgical devotion and scholarly discussion. The use of Latin was a sign of Catholic unity and the hymns and prayers composed in that language and incorporated into the Mass are among the most beautiful and impressive literature ever written.
The Latin language is an incomparable treasure of the Catholic faith - as it has been lost, Catholics have lost a large measure of unity, orthodoxy and their sense of historical mission and heritage.
Latin was extremely practical as well - as the official language of the Church it shows no bias for or against any modern tongue. Because it is no longer used as a language of casual conversation, its semantic content is much more stable - it is hard to twist the meanings of words in Latin anymore.
Its use in the liturgy was a signal to Catholics that they had entered into a different place, a divine sanctuary. The worshipped in a language which they associated with sacred worship and the sacraments.
The study of the language was an excellent, broadening experience for young Catholics, and knowledge of Latin increases one's level of culture and intellectual discourse.
Latin is still kept as a sacred treasure of the Church by many - it's return to its rightful status as the common heritage of Catholics is a consummation devoutly to be wished.
This may be true of the writer but not all Catholics.
Many Catholics would probably also prefer that the Bible not be translated into the common tongue; they may consider that the common tongue is not associated with sacred worship and devotion. However, disgruntled Christians who were being treated in a condescending manner by their leaders wanted to understand the truths of God a few centuries ago, not just recite them like a parrot or follow after a leader because he/she can orate in Latin.
I agree that Latin and other classical languages are extremely valuable for any person to study however I do not believe that the following statement is accurate:
worshipped in a language which they associated with sacred worship and the sacraments.
I think they realized that any language can be associated with worship and/or the sacraments. God does not understand just one language, as important historically as it may be. And He probably prefers to hear the common tongue, as it would be more representative of an individual's true heart and mind.