This way, you don't have the edit code locally, preview in the browser, upload it and then preview the page again. It's also useful if you want to create screenshots for a page that contains sensitive information. For example, you can remove the username from Gmail and other Google pages.
Opera also has a toolbar for web developers, similar to a well-known Firefox extension.
Update: For Firefox, there is a much more complex extension that lets you modify a Web page from the browser. It's called Platypus.
Related:
10 great features from Opera