Good quality bamboo properly treated will probably outlast the owner of the bike. I still ride the first one I made back in 2008 and it has been left in a garden shed year round through scorching summer heat and freezing winters with no signs of deterioration or cracking. The carbon joints have no separation via the thermal expansion issue Calfee mentions.
The benefits of the material are pretty well known and generally agreed on..
When you consider all the work that goes into making tubes from other material it's pretty neat that nature just does the same thing for us. That's hard to beat.