By glancing through PubMed listings I found many benefits. Lactoferrin balances the absorption of iron in the intestine and delivery of iron to the cells. This means, that if you're too high in iron it will help reduce the amount.
When iron is high, inflammation increases and bacteria grows better. If you happen to be normal or low in iron, there doesn't seem be an impact.
H-pylori, a bacteria often found with stomach ulcers, responds fast to lactoferrin especially when combined with antibiotics. Protection against bacterial infection is a very good thing if you're prone to bladder infections or just have a weak immune system.
Lactoferrin, in colostrum, likely helps to protect breast-fed infants against bacterial infections. There may be a connection with a lack of lactoferrin and the development of autism, although this is very young science and not yet developed.
In addition to bacterial infections, studies show lactoferrin to be active against infections caused by viruses such as HIV, cytomegalovirus, herpes 1 and 2, hepatitis C, flu and rotavirus. Science shows this comes from reducing the ability of the virus to stick to cells/organs and replicate.
It not only is involved with improving bone marrow function, which can boost the body's immune system, but increases the ability to improve bone building. I didn't find a study showing improvement of bone density but did find it increases the number of bone cells responsible for bone density.
I most often suggest this to people with digestive problems especially when combined with a quality probiotic/digestive enzyme. You can see, though, lactoferrin does much more. It doesn't take much when used daily. One 300 mg. capsule each day seems to be a good choice.