By using CSS to control all the formatting information, you need a lot less html, e.g. all those font colour specifications, font sizes, and by using CSS for positioning, you don't need tables and all the associated table tags. This means the code on your page is more "content", so important keyphrases have greater weight within the page, plus the site is "lighter weight" and "cleaner" (coding wise) so can be read faster and more easily by search engines.
I still use tables at the moment, but I use CSS for formatting more and more, and am waiting until the technology is sufficiently accepted by all browsers before using it for layout. In the overall SEO scheme, you can still get away with using tables I reckon.
Rgds
Accel