Of course the great buildings aren't just a waste of space, but grant powerful bonuses that grow with the building's level. Depending on the building, you might get the following:
Military boost
Raises the attack and defense bonus for units in attacking army, adds up with every building
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Fierce resistance
Raises the attack and defense bonus for units in defending army and increases support pool bonus, adds up with every building
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Coin boost
Raises the outcome of your houses up to 90 times with each collect, adds up with productivity and motivation
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Supply boost
Raises the outcome of your production buildings, adds up with productivity, motivation, and other supply boosts.
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Good Production
Produces a certain amount of goods from your current age every 24 hours. From Modern Era on, produces double the amount in unrefined goods.
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Medal production
Produces a certain amount of medals every 24 hours
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Research
Produces a small amount of forge points every 24 hours
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Coin production
Produces a certain amount of coins every 24 hours
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Supply production
Produces a certain amount of supplies every 24 hours
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Population
Permanent population bonus
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Happiness
Permanent happiness bonus
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Quest reward boost
Raises only your coins, supplies, goods, medals, or diamonds from quest rewards.
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Penal Unit
Recruits unattached units every 24 hours, randomly chosen from any military building in your city.
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Guild Goods
Produces current era goods which go straight to the Guild Treasury.
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Support Pool Bonus
Raises your guild's support pool bonus, adds up with every building
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Aid Goods
Produces 1 random good when aiding another player's city (manually motivating/polishing them also counts as aiding). The age of the random good corresponds to the age of the building you are aiding.
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Plunder Goods
Produces random goods for up to 3 neighbors with each collect when plundering another player's city. The age of the random goods corresponds to the age of the building you are plundering.
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Contribution Boost
Raises the Forge Points, Medals, and Blueprints you receive from donation rewards.
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Aid Blueprints
Raises the chance of obtaining a blueprint when aiding another player's city (manually motivating/polishing them also counts as aiding). I.E. Having a 100% bonus will double your chance of finding a blueprint
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