Security: if you're mega-paranoid or unwilling to keep up with patches, going static reduces your attack vector. Performance: your web server will be able to handle more traffic without the overhead of php. Of course, if you need any kind of dynamic processing on the server, you'll need to move beyond static pages.
In theory you could also use PHP as a pre-processor; install it locally, copy the sources to the webserver root, then use wget --mirror to extract a post-processed version of the site.
You'd still need PHP installed on your home machine, but then again, it's not like you don't have to install some pre-processor anyway.