Advantages and disadvantages of peer to peer file sharing?

Im going to assume you mean p2p file sharing on a network like Limewire and not a workgroup your part off.

Its a good way for small bands / artists / video makers etc.. to get exposure

Its a good way for people to share files on the internet

You open yourself up to viruses/spyware/adware/rootkits and lots of other 'malware'

Its generally used to by peadophiles to distribute child porn (on the assumption its harder to trace, than just putting it on a website)

There is lots of music available which is in breach of copyright, which adds to p2p's already bad image

It eats up alot of bandwidth, which you will only fully understand when you get your ISP bill at the end of the month