What are some advantages and disadvantages of autocorrect/the autocorrect feature?

I've never used autocorrect :v

I'm good with spelling and it takes no time to actually type the word. The amount of autocorrect fails I've seen, I'd rather not take the chance :P I'm sure I'd probably find it annoying to use anyway.

Advantage: Makes everyone laugh at the replaced word when you didn't intend for it.

Disadvantage: If you don't want people to laugh at your replaced words.

I use auto correct sometimes - putting my own corrections in when I am typing up my FYI files or things where I am using a long word / name often. For instance if I was typing up an article on Lawrence Gowan - I will put into the the document an auto correct for when I type in LG - it automatically corrects it to his full name and not just the initials.

The biggest problems with the auto correct is when you have more than one name with the same initials, or you forget to take it off / change it to the replacement for the subsequent document / page.

Advantages: Tells you how to spell, shows you words you're looking for, etc.
Disadvantages: Types in the wrong word at times, makes conversations awkward