Waterfall effect is good for helping to keep your reservoir aerated.
Putting a float valve on any system is a nice way of having an automated
method of topping it off, but this can be done to any system.
I use a float valve when I go away on vacation or are out of
town for a few days to help keep things manageable so when I come back thing
are still on track.
If you're inexperienced I wouldn't try keeping your reservoir unchanged for
longer periods of time as this is a quick way to run into problems, even with
a float valve.