Good advantages that emulating an Amiga is a lot more compatable for software than a real Amiga ever could do without having to pay silly amounts of money on old very expensive hardware. you can pay for a XP 1800 and motherboard, graphics card etc together cheaper than what a 060 board would cost alone.
Disavantages are it wont run PPC software (YET) but someone will do it, just a matter of time.