Disadvantages: The QTP Installer is horrible [img]/images/graemlins/smile.gif[/img] so be prepared for problems. To that end you may do better to ask Tarun for his QTP UnInstaller.
1) Nicer test flow
2) Seems better performance wise and a bit more reliable
3) Now you can change checkpoint properties more easily
4) Other new features - Maintenance run mode, Process Guidance, etc.
5) Plugins are part of the install and there is better plug-in support for various environments.
I didn't have any problems with the installer (except when I tried to download patches), but I found that windows and dialogs were no longer children of the browser object. I then found that these objects needed additional properties for identification. May be a problem depending how your framework is setup.