Answer from cs61c-aq (Anjali Jagannatha Koppal 16454392) for Question 4
The big advantage would be portability- one of the greatest aspects of computer programs is their ability to be used anywhere in the world with a computer of any architecture.
The disadvantage would be that by creating a universal standard, processors will be unable to take advantage of any features that might be unique to their system but might help make things work faster and more efficiently.