Are there any further benefits to the "new", shorter way to handle properties, other than shorter code - like performance benefits, less memory usage etc.?
Writing
public string StrVariable { get; set;}
Rather than
private string strVariable;
public string StrVariable
{
    set
    {
        strVariable = value;
    }
    get
    {
        return strVariable;
    }
}
And are there any drawbacks - perhaps some would argue the code is less readable, less explicit?