I think that the good aspects of advertising are the obvious advantages, such as getting your name out, selling the product, convincing others that what you are selling is the best product, recognition of the product when one sees it on the market, comfort that the person is buying something they recognize since they've heard good things about it, even if this was through your own advertising.
Bad things... I'd say the money it costs to advertise cuts a big chunk from your income, also people could possibly think that you are beginning to advertise because your product is not doing well. Also, you need to make sure that what you are advertising is 100% true about the product, even the looks of the product, otherwise you are risking being sued for false advertising.
I hope this helps some.