I'm not an expert, but basically with a modular psu, the cables can be disconnected and rearranged by the user. This way, if you aren't using all the cables, they don't need to be taking up space in your case and getting in the way/making it messy. In a non-modular psu, all the cables are fixed to the psu.
I'm not sure about the more technical advantages, but it seems that Corsair's modular psus have a greater efficiency over their non-modular ones.
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