The big advantage to tankless is only heating water when you need it, but you can also minimize power consumption with a standard water heater.
The big advantage to a standard tank heater is uniformity of water temperature, regardless of flow rate.
Disadvantage of tankless, is figuring out flow rate versus temperature, as the water temp can fluctuate from cold to scalding while getting it configured, so it takes more fiddling to get what you want pressure and temperature wise.