Oracle Data Guard provides several key benefits including high availability, disaster recovery, and data protection. There are two types of standby databases - physical and logical. Physical standby databases are block-for-block identical to the primary, while logical standbys are data identical through SQL application. Redo transport and log apply services maintain synchronization between databases. Logical standbys apply redo through SQL apply rather than physical redo apply. Some data types and DDL are not supported on logical standbys.