Not really, you get checked to sometimes, you can bluff raise stuff that isn't good enough to call - weaker pairs/gutshots/air and you can hit draws/nice hands. When you flat you get alot more information on the flop about your opponents likely hand strengths. You are more able to gauge bet sizings/timings + board texture and decide whether your image is good enough to represent something stronger or whether you have implied odds or to take a free card etc. If you 3bet, you lose relative position - the hand will likely get checked to whether they have hit or not and you will have a more difficult time folding out pairs etc.
I'm not saying 3betting isn't profitable though, alot of the time people will flat and just fold flops. Having the initiative is a bit easier but its also overrated, particularly with more money behind.
All of this, even what black said and more - esp in this particular stake game.