Take what I say with a grain of salt, as I'm somewhat new to backpacking and have never used an external frame.
While I really like my current internal frame pack, I hate the sweaty back and shoulders. And after a long day my shoulders start to feel a little sore from bearing some of the weight. Also, my bear can takes up almost all of the bag, makes packing hard.
I just recently picked up a used external circa 1970s. After removing the two unnecessary top bars, it weighs less than my internal frame by 10oz, at 3lb 5oz.
Just from trying it on, I noticed all the breathing room my back and the top of my shoulders have. Since all of the weight is on my hips, the shoulder straps leave my shoulders at a 45* angle and act more like load lifters.
1) not sure yet, but from what I've heard they carry a load more comfortably, and let your back breath. Allow you to carry bulky items like bear cans easier.
2) the luxury lite and zpacks exo, but neither truly replicate a traditional external frame IMO.
3) I think aesthetics, and marketing hype. Also the desire to think of ourselves as rock climbers and mountaineers, when really we hardly ever leave the trail…
I can see the balance advantage of internal frames for rock climbers and mountaineers, but I think that would go hand in hand with heavier fabrics, and kind of seems to be an oxymoron to UL backpacking IMO.
Of course I may be slightly biased as I am currently working on developing a true external pack out of UL materials.
Until then… You might want to check out the Jansport scout at only 3lb 10oz. It compares to even the lightest REI offerings. Also, you can take off the top "shelf" and top horizontal bar. Unnecessary IMO. Probably get it to 3lb or less.
P.S. just saw that David, above me, had some good points.