Accepting yourself is an important aspect of being honest with yourself. The more faults you've accepted about yourself, the more faults you can see, and therefore the more complete a picture you can get of who you are.

I used to walk around with the notion that I was full of 100 strengths and very few weaknesses. Now that I'm accepting who I am, faults and all, I have a more complete picture that shows me with like 15 faults, 15 strengths, and 70 areas that I'm neutral on.

For someone as egotistical as me, that's a paradigm shift to the way I view myself: while I have those positive 15 that make me shiny, the majority of my traits are just average. I am just an Average Joe!

Having said that though, with this higher resolution perspective on yourself you can get a higher resolution perspective on others. Since you are not pretending that you are best at everything, you won't be afraid of recognizing the positive and negative traits in others. This is useful to help you work in groups, because it makes you value the strengths of others and recognize the complementary aspects that you all share.