Sceince is the systematic collection of information about the universe through the observation of natural phenomena. So it's really just a disciplined accumulation of knowledge. Therefore, one advantages is of having more knowledge. We have greater understanding and can make more accurate predictions about how things in the natural universe work. Through advances in science we can build machines that fly, that allow us to see objects too small or far away to be detected by the naked eye. We can transport water over great distances for irrigation and make certain areas liveable that weren't before. We can cure diseases that once we couldn't. We can explore under the sea and the space.
The disadvantages- certainly we develop technologically faster than we develop socially. So we wind up with the ability to do things, but not necessarily the wisdom required to make a good decision about whether or not we should. Also as our knowledge increases, we are forced to re-evaluate our existing beliefs- very often those beliefs are long-standing and held by many within society. But the more we know, the less mystery there is to life. It's often more fun not knowing, being free to speculate and use our imagination. Certainly a world with Santa Claus, the Tooth Fairy and monsters living under the bed is a more exciting place for a child. Shining a flashlight under the bed which allows us to explore and discover nothing but dust and shoes- that's what science does. It replaces belief with evidence.
The biggest demerits of science are the weapons of any kind and specially weapons of mass destruction. Man is also foraying into areas that may have unknown consequences like genetic engineering, cloning, stem cell research...
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Merits-Everyone is Equal. Demerits-Everyone is Equal.