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Primary disadvantage: it is old technology (1986) and unless it is one of the only ICs on the circuit board, a much better option is to select a programmable device (CPLD, FPGA, programmable microcontroller, etc).
Other disadvantages:
-draws a large amount of current: not suitable for portable devices
-has a fixed operating voltage of 5V
-has ambient temperature limitations
-has poor switching characteristics
-large sized package
-can only count up
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