TMO website has answers to your quesstion.
Advantage:
- Rise revlimiter to your desire
- No fuel cut
- Gauge mod (o2, battery, IPW, timing, octane)
- Stutter box 4k-6k w/ 500 increment
- Clutch cut (stutter for shifting)
- Valet security
- Failure blinker code
- Shift light
- Improve ET if used correctly
Disadvantage
- Catastrophic if not used correctly.

..
- Required EPROM ECU adding more cost.
- Required other supporting mods to fully make use of it's ability. For eg, rising rev limiter and high rpm shifts means you need to beef up your valve train, block and tranny.