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There aren't any disadvantages I've encountered.
There are many positives if you have an eye for details and use the site to catalog your library (not everyone does). It gives you the ability to edit existing entries, which was important to me since I was finding many of the books I was adding to my shelves had missing or incorrect info.
If you are accepted, I recommend starting slowly, reading the Librarians' Manual, consulting it frequently, and asking in the Librarians' group if you're not sure about anything.
Since correct covers were important to me, reading up on the standards for alternate covers—where there is one ISBN, but multiple cover versions over the years—was a biggie. There are a variety of agreed on community standards for handling issues, so read up and ask questions.
It has no time commitment; it's really up to you how much you want to involve yourself.
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