Therefore, what benefits would I get from buying either or both of the expansions??
As one who's never had the patience to get past the second mission of the first campaign, I'll tell you why you should buy them both.
What does Dark Avatar have that Dread Lords didn't? Better tech tree, asteroids, three new races, super abilities, smarter AI.
What does Twilight of the Arnor have that Dark Avatar didn't? Individual race tech trees,
much better ship and planet textures, a new form of victory, a more powerful ship builder, and even better AI.
Anyway, I certainly don't feel like it's been a waste of my money to get both. I'm glad to have them. Keep in mind, however, that Twilight won't work without Dark Avatar, so don't just buy Twilight without DA. You can run DA without Twilight, but at this point, why bother? Twilight is the game Stardock always wanted to give you.
If you have any other questions as to why you should or shouldn't, I'd be more than willing to clarify or go into more detail.