Using reversing entries keep financial statements accurate and in balance and simplifies the recording of subsequent transactions, but are there any disadvantages when using reversing entries?

Not much, other than taking the time to do them. Some software will reverse an entry if you tell it to, so that makes it pretty simple.

You do have to know if you should reverse something. And personally, I sometimes don't like to cause there are some things I'd like to have more control over. But that's me.