Fast – generally speaking you will see very little slowdown to your raw internet connection speeds when using a VPN service
Location spoofing is very easy – most VPN providers offer servers in many locations worldwide. Because connections are fast, VPN is ideal for streaming geo-restricted media content
Ideal for P2P filesharing – while many providers prohibit it, many are set up with filesharing in mind
VPN disadvantages
The VPN provider can see your internet activity – and in many countries is required by law to keep records of it, which may be handed over to the authorities or to copyright lawyers. VPNs are also vulnerable to server raids by the police, in an effort to obtain the information they may contain. This is why it is vital to choose a provider who keeps no logs (and is in a position to keep this promise). Of course, even when a VPN provider promises to keep no logs, you must trust them to keep their word …
Costs money (although typically under $10 a month, or less if you buy in bulk)