What's the Difference Between a Modular and Non-Modular PC Power Supply?
Briefly

"Simply put, the cables on a modular power supply are fully detachable from the brick, which greatly enhances cable management by allowing customized connections."
"The biggest benefit is cable management. Forget dealing with that big tangled cluster of hard plastic cables. Instead, you can take each individual cable and run it from the power supply to its component."
Read at WIRED
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