laarni080

Basically, the main advantage is the size of audio files compressed in MP3 format. There aren't many other formats currently available that can reduce file sizes to the same extent while keeping fairly good quality.

Another great feature of the MP3 format is that there is a wide range of qualities that can be selected when 'encoding' (or compressing) MP3 files. Although not all 'encoders' have all the options, there are 14 different bitrates to choose from (ranging from 32kBit/s to 320kBit/s) which change the quality and thus the file-size of the encoded audio. 128 or 192kBit/s usually provide acceptable results.

Another advantage comes out of the fact, that MP3 files are now so popular, that there are a huge range of programs to do practically anything with them including encoding, decoding, ripping, playing, mixing, editing, streaming, organising, finding, and sharing.

A disadvantage could be that the format can be used illegally, without too much trouble. There is no way to regulate or control the distribution of MP3 files. Regulated formats have been created, but none have really taken off.
A downside is that often it takes a reasonably powerful computer to play MP3 files. Even more powerful computers are required for mixing and editing.

The bottom line is that although MP3s can be used illegally and playing them takes a fairly good computer, the fact that they are so easy to create and play, and are so widely popular (and thus the huge range of software) makes the MP3 format great for any music enthusiast.