The main benefit of sword and board is that it's the style most supported by dexterity. With studded armor, you can start with 17 AC, and raise that to 19 AC, just a 1 point difference from the full plate that costs 1,500gp, and it can go higher with magic items. You can also make stealth and other dexterity checks and get that +5 bonus to dexterity saves, of which there are many, instead of strength saves, of which there are very, very few. And, a bonus to initiative is never a bad thing either. With the lack of a charge action, being able to pull out and accurately fire off a Longbow is also going to be a major edge.