It used to be considered beneficial to include the 'o' modifier at the end of Perl regular expressions. The current Perl documentation does not even seem to list it, certainly not at the modifiers section of perlre.
Does it provide any benefit now?
It is still accepted, for reasons of backwards compatibility if nothing else.
As noted by J A Faucett and brian d foy, the 'o' modifier is still documented, if you find the right places to look (one of which is not the perlre
documentation). It is mentioned in the perlop pages. It is also found in the perlreref pages.
As noted by Alan M in the accepted answer, the better modern technique is usually to use the qr// (quoted regex) operator.