Salah is the 2nd pillar of islam.Every muslim man and women has to pray 5 times a day.
Salah is the key of Jannah.Without praying 5 daily prayer any muslim can't diclare him/herself as muslim.
Salah makes difference between muslim and non muslim and salah keeps people from evil Deed.
"Observe the Salat (Contact Prayers) for it prohibits evil and vice"[29:45]
Benefits:
Developing good character and discipline.
As a mean for erasing your sins and seeking forgiveness.
As a mean of self-purification.
Spirituality
Source of strength and patience.
For bringing peace and tranquility to your life.
To spend time in remembrance of Allah (i.e. to prevent you from wrongdoing).
Distinguishing between a believer and a non-believer (kafir).