Sealing gaps between floors.

I was thinking of going around the basement with a can of spray foam and filling all the gaps in the ceiling (wire, pipe passages and heating ducts). Then I realized that I have this big hole right in the middle for the laundry chute. Even if I seal up the space between the floor and the duct for the chute there is still a big hole that will allow air to flow. So I forget, what is the purpose of sealing up all these holes again? Just questioning myself here. Any ideas? Pro/Cons?
Thanks.
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When I lived in MA, the building inspector made me seal around all holes through the floor (water pipes, drain pipes etc), to help stop the rate of spread, in case of a fire. Basically, open holes in the walls between floors equals a chimney.
Jeff Farrar wrote:

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What kills me is that code requires air vents if you have gas burning appliances. Why not just by cheap windows instead.

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