The advantage of this tuning is that it allows most chords to be simply moved down or across the fretboard, dramatically reducing the number of different finger positions that need to be memorized. It also makes playing melodies and solos far faster, since all positions for fingering are exactly the same everywhere. By simplifying the transposition process for scalar patterns and chords, the fourths tuning can especially useful for jazz guitarists. For instance: fingering for octaves (and other intervals for that matter) remains the same regardless of the pair of strings the octave is being playing on. Another very significant advantage is that all power chords can be played at any two strings as inversed, fourths.
The disadvantage of all fourths tuning is the reduced amount of chords which can be played at open position; the majority of the chords must be either played as barré chords or some strings muted.