Advantages:

It allows better control of production from multiple zones within a single well.
Casing across the production zone provides better integrity and support. It reduces the risk of collapse of any unconsolidated formations in the production hole while producing the well.
A cased and perforated completion in multiple-layer reservoirs allows for zonal isolation for different zones.
It also allows selective stimulation treatment for different zones in multiple-layer reservoirs to achieve optimized production from each zone.
In case of water encroachment, different zones can be selectively plugged and production can continue from other zones.

Disadvantages:

It has a higher initial cost for the casing, cementing, perforation, stimulation, and completion equipment.
Cementation of the casing causes more formation damage, which could reduce production if not stimulated well.
It provides less reservoir exposure than the open-hole completion
The fluid flow area is smaller than in open-hole completion, causing more restrictions