Advantages of Layer 3 Switches

It has a very simplified management configuration and installation procedure.
They are less expensive than routers.
More favoured than Routers
Unlike routers Layer 3 switches have optimized hardware to pass data as fast as Layer 2 switches.
Even then they make decisions on how to transmit traffic at Layer 3 just like a router.
A Layer 3 switch is usually faster than a router in a LAN environment because it is build on switching hardware.

Disadvantages of Layer 3 Switches

Manufacturers are marketing non-compatible proprietary devices.