Here are many web sites (most with links of their own) that will help answer that question (to help the faithful and quiet the barbarians). 

Advantages of a Classical Education?

Classics Teacher's page (the blackboard quote is great)

Advice to Students on the Classics

Brooklyn College CUNY

Aurelium's Top Ten Reasons to Study Latin

Aurelium Software

"Dead" Language Alive and Well

Sunspot.net/Baltimore Sun Article March 12, 2002

Latin Makes Comeback in Primary Schools

Schoolsnet News Article (U.K.)

Latin Studies

Middlebury College

Latin?  Isn't that a Dead Language?

UNSW Latin Page (Australia)

Middle School Latin

NCLG Page on Latin in the Middle School

Mr. Ettinger's Latin Page

Riverdale Country School Latin Page

Por Qué Hablar y Escribir Latín Hoy Día

Universidad de San Pablo Page (Spain)

The Greatest Single Defect of my Own Latin Education

Dorothy Sayers Memoria Press 

The Latin Advantage

 Bolchazy's Artes Latinæ Page (SAT scores, etc.)

The New Case for Latin

Online Time Article (printed Dec. 11, 2001)

Why Classical Studies?

Trinity University Page (some interesting did you knows)

Why do We Study Latin?

Resources for Catholic Homeschoolers Page

Why Latin is Important

Berean Academy, FL.

Why Latin?

Bolchazy's Artes Latinæ Links Page

Why Learn Latin?

Classical Christian Support Loop Homeschooling Latin Page

Why Study Classics?

Drew University

Why Study Languages?

Easton Language Page (some overlaps)

Why study Latin and Greek?

University of Notre Dame Classics Department

Why Study Latin?

Christine Tykeson on the Mother's Viewpoint

Why Study Latin?

USC Sacramento Page

Why Study Latin?

St. Andrews University Homepage (U.K.)

Why study Latin? (NCLG)

NCLG information including SAT scores, etc.

Why Study the Classics?

About.com Page on Studying the Classics

Why Your Kids Should Learn Latin

About.com English Grammar Page