Advantages
Cool applications in less time
Effective use of Graphics card.Highly suitable for high end /upcoming computers
We can create 3D scenes very easily.(Using ViewPort3D)
Easy Data binding
Built in Animation
Templates & Styles
Resource management
Content control mechanism
XAML(Designer and developer can work independently)
XBAP
Silver light (WPF/e)
Same programming model for windows & web
Retained mode graphics (No need to draw in the OnPaint event.Everything automatic)
Supports most of the media/document formats natively
Disadvantages
WPF doesn't have support to add controls in it
Need to use for another software (i.e. Blend) if you want to design a good looking UI. Visual Studio may include all these features later what Blend has now
No Support for MDI child mode
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