What are the advantages of implementing 74LS193 over 74LS163?

Primary disadvantage: it is old technology (1986) and unless it is one of the only ICs on the circuit board, a much better option is to select a programmable device (CPLD, FPGA, programmable microcontroller, etc).

Other disadvantages:

-draws a large amount of current: not suitable for portable devices

-has a fixed operating voltage of 5V

-has ambient temperature limitations

-has poor switching characteristics

-large sized package

-can only count up