Some common advantages and disadvantages are as follows:

Advantages

• A wider community means more community support
• Programmers have more control over their software
• Anybody can participate in open source
• It keeps knowledge free and open, preventing the need to reinvent the wheel, so to speak

Disadvantages

• Only the cool stuff gets done, while the boring stuff doesn't
• Bugs don't always get fixed
• It is hard to make money using an open source approach
• The open source community may be unwilling to face problems
• Hackers may find it easier to exploit bugs found in software