What are the advantages and disadvantages of clipping circuit?

Answer 1

In what context? Assuming signal transmission, the main disadvantage of a clipping circuit is that the data transmitted at values outside the circuit's range will be "clipped" (for example, if the clipping value is 20V, and the signal is 23V, the output will be 20V). This is esp. visible with audio circuits, and with electron tube circuits in general.

The main advantage, at any rate, would be that a clipping circuit would serve as, say, an overvoltage protection for sensitive devices. But that is a bit of guessing on my part. If the circuit (or circuits) are to be designed properly, I would say that a bridging circuit should be built instead - a circuit that would "shake hands" between two other circuits, bringing their respective levels to a level common for both, or by translating between the two.