CruiseControl does two things for you:
- Adds the correct amount of power to avoid loosing altitude when you bank (assuming you were maintaining altitude before the bank, and also note that due mainly to hardware reaction time, it won't be perfect, but it will help a lot).
- Reduces the motors to 5% power when you are inverted. This makes flips easier.
Rattitude (automatic leveling if you release sticks, but flips at full stick) plus CruiseControl (reduce motor power when inverted) is the easiest way to do your first flips.