In SQL Server 2008, you can use the Row Constructor syntax to insert multiple rows with a single insert statement, e.g.:
insert into MyTable (Col1, Col2) values
('c1v', 0),
('c2v', 1),
('c3v', 2);
Are there benefits to doing this instead of having one insert statement for each record other than readability?
Yes – you will see performance improvements. Especially with large numbers of records.