A fianchetto places the bishop into a very well protected position on the longest diagonal. It is quite difficult to attack such a bishop - the only way is using a bishop of the same square colour.
A fianchetto is also a nice and solid defense for the castled king.
The only real drawback of a fianchetto is that it fixes the pawn structure. If you plan a pawn storm on that wing later on a fianchetto is the wrong set-up.
Cheers, Winnie
I played a guy yesterday, he fianchettoed both sides. What's the purpose of the fianchetto? to pull the c pawn out later, to open a long range possibly unseen attack by the bishop? to protect your rook?
Thanks, Davy