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It is good for different heat conditions. If it is hot outside then the bottom left configuration is best, if cold bottom right.
If the ground is wet then the bottom hem can be lifted up to be kept dry and can be lowered again later.
Sporran of some kind is a must have as it weighs down the front flaps. If not there then a gust of wind can easily lift up the front flaps exposing your genitals to the elements.
Disadvantages are it take a while to put on and you will find yourself having to readjust slipping belts and such on a fairly regular basis while on the road.