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I am seeking to understand the advantage of "Expedited Review"

My cursory understanding comprises this excerpt is that somehow that novelty is conferred with 'little' or no rejection from the examiner?

If this is a method/software/utility patent, the patent application can file for an expedited review (as we see with the '060 case on pitch detection listed here) and at that point, the patent applicant can claim (under penalties of perjury) that they conducted all prior art searches and can easily argue novel over prior art with little or no rejection from a patent examiner.

If my understanding is not correct and somehow out of context, an explanation of why would be appreciated.

What other reasons (benefits conferred) would one seek an expedited review for a USPTO patent application?

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This path is very little used. It requires that you document the search and document that you did the search the way they would theoretically do the search. There may not be anything exactly like your invention but there will surely be something close. As part of the package you need to essentially write the rejection they would write based on that reference and then a good response to that rejection. For all reference you find that are close. In its heyday search firms charged quite a bit to do this. Now you can get an expedited examination just by paying double the application fee.

The benefit is elimination of most of the year and a half queue time before an examiner picks it up.

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