I've learned a great deal about NITLE recently, as I'm going to be the new campus liaison for L&C.
Interestingly, NITLE is an "incubated" organization by a larger nonprofit known as ITHAKA. ITHAKA is behind projects such as ARTstor and JSTOR.
The chief benefit of NITLE, in my mind, is that it allows cooperative technology work among institutions with similar missions (liberal arts college). Even though our regional cooperatives (like Orbis Cascade Alliance) work superbly in many instances where geography is key (physical resource sharing), I think it can make more sense to collaborate based on mission on these more content and teaching-and-learning focused initiatives.
I particularly like the discipline focused programs that NITLE offers: Al-Musharaka (Middle Eastern Studies), Sunoikisis (Classics), foreign languages, and a couple digital collections: IDEAS and REALIA. The organization also has its fingers in many other pies. These programs, plus quite a few others, reflect a pretty creative, innovative group.