The advantages of standardization in manufacturing are cost effectiveness and integration. Standardization of lathe cutting tool stock sizes and tool post mounts for instance allow tool post manufacturers to cover a huge range of lathe designs and uses with a single product, whereas otherwise a potentially huge range of tool post products might be required to furnish the functionality of a given tool post design to diverse lathes and cutting tool dimensions.
The basic potential disadvantage of standardization in manufacturing is that it may lock in obsolescence. Tool stock developments may for instance render tool posts designs obsolete for the advantages of new tools, or a given tool post mount design may for instance preclude using the advantages offered by new tool post designs, which thus makes the lathes obsolete.
Because good system designs can exercise foresight to ensure long term non-obsolescence, there are usually general advantages to be realized from standardization wherever a fitting, universal vision for standardization can be conceived.