Running on a treadmill has a few advantages that road running cannot give. This is not to say that any serious runner shouldn't be hitting the pavement, actually quite the contrary. However, if improving on your existing conditioning and turning your weak spots into strengths is a goal of yours, the treadmill is be a very effective tool that will help benefit your running game.
Treadmills offer a controlled environment that your never going to achieve consistently outside. A smooth, strait path and perfect weather conditions(indoor weather!) make it easy to get a workout in. You'll never have to miss a workout because of heavy rain, snow, or a heat wave nor will are you forced to find a path that you can maintain a good steady pace on. The best part of running on a treadmill for me is I never have to worry about stop lights, cars, dogs, other people etc. None of that is a concern which allows me to concentrate fully on my workout at hand.
Controlling intensity is another great way the treadmill allows you to improve on your running game. I know exactly what speed I'm maintaining throughout my entire workout which is great when I want to work on my intensity level. I often crank it up 2-3 tenths a mile an hour faster above what I'm comfortable running at which means I'm always pushing my limits. When I get out on the open road I find that my times drop when I run consistently on a treadmill for a few weeks. This is where the treadmill offers much more than convenience. For me, its a tool that I use to make myself a much better runner than I otherwise would be.
Working on scenarios that are tough for me out on the open road is another way I can improve my running ability. I often will crank up the incline and work on my hill game. It makes my lungs scream and my legs feel like their on fire, but always helps me be much more effective when I encounter the same situation when out on the trail. Interval training is another great way to improve your VO2 max, which can come in handy especially in a road race type of environment. You never want to lose a race simply because you're not conditioned enough. By cranking up the intensity and using the timer to gradually increase the duration of such bouts, one can effectively improve their ability to hold a sustained intensity and speed that other runners can often only dream of.
Using the treadmill to work on form is probably one of the single most effective ways to reduce and/or prevent a running injury. The controlled environment allows a runner to concentrate fully on his or her movements, which is great for someone with bad habits or posture. Working those kinks out will greatly decrease the chances of any running related injury especially as you get older and more and more miles under your belt. I concentrate fully on stride length, the position and movement of my knees, posture etc. which forms good habits that I don't have to think about on the open road. As a result, I hardly ever have to take a break from running because of a bad back, sore knees, or many of the other ailments that seems to plaque a lot of my running buddies and friends.
Running on a treadmill can be a great, self-prescribed supplement to anyone's running routine that over time can greatly improve the runner's all-around performance out on the open road. Consider it a tool, much the same way a ball player or soccer star using weight training to improve their game. By using the treadmill in a systematic, intelligent manner one can begin to see improved results almost immediately. I highly recommend supplementing a routine with regular workouts on the treadmill for anyone serious about running.