Advantages of Grid Computing

Idle resources can be efficiently handled by the use of Grid Computing.

Large, complex problems can be solved in a short span of time.

Easier to team up with other organizations.

Grid environments are modular and they do not fail due do the error that occurs at one particular point. Jobs can 

be restarted automatically when there is a failure.

Jobs can be done in parallel thus resulting in faster execution.

Disadvantages of Grid Computing

Need a fast interconnection between the computer resources.

A few applications may need to be altered to take full advantage of the new model.

Many groups do not wish to share resources even if it benefits everybody.

Jobs submitted may be non-interactive thus leading to chaos.

Grid computing standards and grid software are still in developing state.