Probably the biggest problem, or disadvantage today, is the abundance of political commentary or discussion shows on the major networks. Far too many people cannot distinguish the difference between opinion/commentary/editorial programs or articles, and actual fact based news. They see a show on a cable or broadcast news channel, radio talk show, newspaper editorial that is a political opinion, discussion or commentary, and confuse that with the network news.
Another disadvantage is today's media is generally corporate owned. Many corporations are multi purpose. They often have an agenda involving Congress or the government in one aspect of their operation,. and could use it to bias a corporate owned news outlet, or use corporate advertising money to influence pushing their agenda. And unfortunately today, most of media is profit driven at all costs. The reporters/anchors are not necessarily profit driven. But the outlets they use to deliver it are.
An advantage is the personal political views of the media is so diversified, a sitting politician of any political party or ideology is kept in check, forced to be less corrupt, and is constantly checked and scrutinized for honesty.
Another advantage is the resources available to the common person today, who can choose to verify whether a report is actually true. The media provides much of those resources you can use to fact check.
In cases of a weather or natural related disaster, or an enemy attack, people can be warned and informed of it almost immediately. It can also be used to being about public awareness on stories and situations they are not aware of, or wouldn't hear about, until much later. Sometimes, that is too late to take action.