Lou,
According to superintendents, rolling of older greens (with no USGA Mix, and with Penncross/German Bent/Poa Annua) gets the "last half foot" of speed that members want out of these older grasses better and with less turf damage than double cutting or cutting the turf as low as the newer varieties allow. It also gets them a bit smoother and doesn't stress or compact the green at all.
Once it becomes part of the program, they do it every other day to avoid having to tell the members who play, say Thursdays, that they don't deserve as smooth a green as the members who play over the weekend - in other words, rolling often gives more consistent conditions and probably costs about the same as double cutting in terms of labor.