Wireframing is one of the most valuable phase of any application development process. Understanding requirements from customers is the key step to project success. When this process is done with a right wireframing tools such as WireframeSketcher, PowerMockUp, Gliffy (some of the tools that I experimented this year) it helps designers produce quintessential designs in short span of time and developers understand finer details of the design elements.
As a startup, I was using paper-and-pencil model for wireframe creation to take down requirements, visually portray design concepts and straighten project objectives for creating web applications. Going with the traditional method of prototyping had its own drawbacks and the four major ones are
a) flexibility to change or tweak the prototypes built in short duration
b) re-usability of the prototypes built in the past to save time
c) option to develop prototypes in online and offline mode
d) easy options to save, export prototypes in digital formats