I like it for songs that start with a declaration and then proceed to explain the whys and wherefores of that opening statement. When the first verse repeats it's in the spirit of "now you can see all the layers of meaning within these-first-verse-words." I don't take it too seriously if someone does a verse 1 repeat that doesn't fit that notion--on the one hand I tend to shrug off interpretive choices that don't make sense to me at the moment, yet I also file them away in case I figure out a use for that approach myself some day in a way that makes sense to me.