You should really get familiar with the ATF website and regulations for C&R licensees. Especially the back-issues of FFL newsletters, which address a lot of specific questions for Type 03s. Make sure you're keeping your bound book perfectly in order!
As for perks, there are some. If you put your license on file with Brownell's, for example, you get the FFL discount on parts. Your C&R license is also useful for satisfying qualification requirements with the CMP, if you are interested in buying a Garand, etc. It also gets you access to discount codes and programs through various other firearms wholesalers/distributors.
*disclaimer: I let my C&R license go in 2009, so I can't guarantee that these perks are still applicable. There also may be other new ones out there. Best thing to do is lurk on some C&R forums and see what others are talking about.