Advantages:

• Precision part manufacturing [upto .0001inch tolerances]
• Rapid part manufacturing. As little as 10 minutes for a small part
• Cheap to make parts
• Easy to replicate part many times
• Safe

Disadvantages:

• Expensive to buy [can cost upto a million dollars]
• Programming a CNC is hard to learn
• Expensive bits that need to be constantly replaced
• Cleanup can get messy