The open-drain output lets you wire-OR the reset signal with other supervisors or a manual reset button, which is handy on multi-card backplanes.
70 ms reset timeout — what it buys you
The reset timeout is 70 ms minimum. That is the hold time after all monitored voltages rise above their thresholds before the reset pin releases.
Swapping in the field
The 8-SOIC package is a common surface-mount footprint. A standard soldering iron and wick can remove and replace it.