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If a customer were to instead get a combined modem+router from their ISP the effect would be the same I guess, minus the diagnostics GGD mentioned, and the ability to only need 1 phone line and associated number.
But I like the freedom to pick any router I want and not need an extra box from the ISP. Listen, I'm the guy that never was interested in digital cable TV or pay-per-view partly (OK, mostly) because I didn't want the clutter and extra complexity of cable boxes tethered to each TV.
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You (as in most customers not living in your neighborhood) can get just a DSL modem, not a modem/router combo, and then pick your own router and use only one phone line.