Advantages to no sandbed, corals on the bottom of your tank, yes they will encrust on it, you can go for higher flow without worrying about sand dunes, and then there's no issue built up "crap" that could potentially unleash toxins into the tank
Disadvantages, there are quite a few creatures (both fish and inverts) that "need" a sand bed. Obvious is the nitrate removal, although I can say that me having no sandbed (remote or in tank) I've managed to keep my nitrates at undetectable levels (no special equipment either, other than a skimmer).
I'd like to say it's easier to go no-sand bed with less problems and that's the end all be all of it, because when I did run a sand bed.... but the fact of the matter is when I ran a sandbed is when I started my first tank, and was new to the hobby, as a result there could be so many other factors that played into my tank having the issues that it did compared to now.