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Value betting provides two things, the second i have noticed only recently.
1. The obvious, it gets your opp to call with 2nd best and you to make money. A value bet can be $0.1 with quad kings or $50 with the turned straight/two pair etc.
2. When you dont have position, opp is to act after you it gives opp an oppertunity to buy/bluff at the pot. (i once told pingviini(spelt right!?) i'd never do this. If you can put opp on say top pair, and are pretty certain they have no flush draw, but you have a set then weak/value betting the river often induces a bluff. Opps think they sense weakness when you actually have them read like a book and some are dumb/aggressive enough to bluff that sort of pot.
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