One advantage would be that if any descriptive property changes in your browser or page, you would need to do it at only place.
But you would also have to take care of lot of things..
a) In case you have multiple browsers/pages, you have to handle all of them.
b) You might also want to check the performance of both the approaches.
I agree about the advantage with making changes only in one place.
What I forgot to ask was:
"Is it a good approach/practice to set the examples I gave in the original post in a library rather than specifying those lines of codes in separate test scripts?"
In other words, if many of the scripts will be clicking on these menu items (links displayed in different Tabs in many Pages), I thought maybe it is better to just create a Public Sub for these menu items and at the same time using DP to cut down on typing "Browser("micClass:=Browser").Page("micClass:=Page ").Link("text=MenuItem1").Click" over and over and replacing them with "objWebPage.Link("text:=MenuItem1").Click", if it makes sense.