It pleases Allah Ta`ala.
It is a constant practice of the prophet Muhammad peace be upon him.
It cleans the mouth.
It attracts angels.
It increases memory.
It helps to pronounce kalimah at time of death.
In sahih hadith, it is said that the one who do miswaak in wudhu before salaah, his salaah would be 70 times more in reward than the salaah done without miswaak.
Miswaak is the only sunnah that the prophet did before wudhu, during wudhu and after wudhu. He used to do it when entering home and after eating. It is recommended before recitation of the Qur-aan and anytime anywhere, one may do miswaak. The last touch of the mouth of the prophet while dying was the miswaak of son of Abu Bakr(r.a.) with the Mubarak hands of daughter of Abu Bakr(r.a.) mixed with her saliva.