Most of these advantages and disadvantages apply to normal HTML pages in particular.

Advantages

Quick and easy to put together, even by someone who doesn't have much experience.
Ideal for demonstrating how a site will look.
Cache friendly, one copy can be shown to many people.
Disadvantages

Difficult to maintain when a site gets large.
Difficult to keep consistent and up to date.
Offers little visitor personalization (all would have to be client side).