Book Review: The art of fiction by David Lodge (Penguin) - Part 4

Here are my notes and favourite quotes. I also added useful videos and/or links.

9 -The Stream of Consciousness
"The stream of consciousness" was a phrase coined by Williams James, psychologist brother of the novelist, Henry, to characterize the continuous flow of thought and sensation in the human mind. Later it was borrowed by literary critics to describe a particular kind of modern fiction which tried to imitate this process, exemplified by, among others, James Joyce, Dorothy Richardson and Virginia Woolf.
Undoubtedly this kind of novel tends to generate sympathy for the characters whose inner selves are exposed to view, however vain, selfish or ignoble their thoughts may occasionally be  [...].
There are two staple techniques for representing consciousness in prose fiction. One is interior monologue, in which the grammatical subject of the discourse is an "I", and we, as it were, overhear the character verbalizing his or her thoughts as they occur.
The other method, called free indirect speech, goes back at least as far as Jane Austen, but was employed with ever-increasing scope and virtuosity by modern novelists like Woolf. It renders thought as reported speech (in the third person, past tense) but keeps to the kind of vocabulary that is appropriate to the character, and deletes some of the tags, like "she thought", "she wondered", "she asked herself" etc. that a more formal narrative style would require. This gives the illusion of intimate access to a character's mind, but without totally surrendering authorial participation in the discourse.

10 - Interior Monologue
See above.

11 - Defamiliarization

Defamiliarization is the usual English translation of ostranenic (literally "making strange"), another of those invaluable critical terms coined by the Russian Formalists. In an essay published in 1917, Victor Shklovsky argued that the essential purpose of art is to overcome the deadening effects of habit by representing familiar things in unfamiliar ways :
[...] The purpose of art is to impart the sensation of things as they are perceived and not as they are known.
Defamiliarization, in short, is another word for "originality".

Questions

Sum up the possible elements of stream of consciousness. 
What are the advantages of stream of consciousness?