Why use serialization in .Net development?

I was curious to know why I should be using serialization in my development process and I came across an interesting use for it, I was writing a code development tool and was required to store each project for code generation so it could be retrieved later on. Initially I used a text file then an XML file. But the whole process of having to manage the saving and loading of the project files was tedious(Ok may be not as much as I am making it out to be!).

Then it flashed, why not just serialize the Project object. Wallah!! I reduced my code from a couple of classes to manage the XML iteration, file exceptions etc to a few lines of code.

Wow I was beginning to see the power of serialization....