No, it does not have disadvantages (well maybe a little hard to css it). But In fact, it has many advantages:
1. table-less design is accessible - that's the main reason to use it towards people with disabilities. Using tables requires additional attributes, such as "summary" which I haven't seen on any web site - web developers just forget it or don't pay much attention to it.
2. Google support w3c/accessibility standards and gives much greater value to such web sites. I witnessed it myself.
3. divs vs tables - easily readable, keeping html structure clean and simple. Search Bots like that.
4. I haven't met any self-respecting designer to ever use tables for a mark-up and decoration purposes, even more, when interviewed, designers being asked if they know table-less design techniques.
Holy heaven! I forgot to mention that I became a member of gawds (guild of accessible web designers) a couple of days ago....so I kinda know stuff
