Advantages: you will probably put on a negligible amount of muscle, may make recovery a little easier.
Disadvantages: will give some people the runs when when they first start taking it (crystalline, poor water solubility).
The reason why creatine is recommended is there exists a strong body of evidence demonstrating its effectiveness without any serious side effects. However the effect size is small. It is not a miracle supplement and some people see no change.
Creatine does cause some water retention when you initially start taking it because if effects osmotic balance. Your body adapts to this, so the increase is only temporary. Regardless, an increase in water within muscle tissue won't decrease athletic performance.
There does not exist a body of evidence supporting the claim it causes or contributes to baldness.