Here's the case for slow running, as I understand it:
Raising one's VO2max requires an increase in capillary density and mitochondria in running-specific cells. That's because VO2max directly reflects how efficiently you can move blood and oxygen, which depends on mitochondria and capillary density.
Running at about 1:30 slower than 10k race pace for an hour or two seems to be the most effective way of accomplishing this physiological change.
If you run harder than this, your body apparently does not develop capillary density any faster, since the key is simply to run aerobically.
If you run past your aerobic threshold, your body is going into oxygen debt and is not devoting itself exclusively to vascular development. You need to run at threshold for other reasons, but not for raising VO2max.
Although VO2max is most effectively developed at an easy pace, you should occasionally run harder just to force your body out of homeostasis. If you do all of your long runs at the same easy effort, your body will no longer be forced to adapt to change. So running 10 miles at 30 seconds slower than 10k race pace would force your body to adapt to a different stress level, which should accelerate your progress.
Of course, you couldn't run at that intense pace for two hours. So there's only so much variety of intensity you can subject yourself to if you run really long.
But since duration of running affects VO2max more than intensity of running, you're better off running easy for two hours than running hard for one hour (all else being equal). And since the one factor that determines your running ability more than any other is your VO2max, the majority of your running should be long and slow.
This is the argument for long and easy running as I understand it. Tempo running and interval training are necessary elements, too, of course.
The question is whether high steady state long runs accomplish as much as people think. Most people seem to think that if they run hard, they'll get more out of their long runs. But if the argument I've presented above has any validity, high steady state runs should be done sparingly.