advantage: higher yield, because less of the crop is eaten by insect pests [1]
advantage: less insecticide needs to be sprayed, which is cheaper and affects fewer other species; or herbicide resistance lets weeds be sprayed off so the crop is not competing for light, water and mineral ions [1]
advantage: improved nutritional quality, for example rice modified to make a substance the body converts into vitamin A, in regions where deficiency causes blindness [1]
disadvantage: the modified gene can spread by pollen to wild relatives, so a weed may become herbicide resistant [1]
disadvantage: insect pests may become resistant over generations by natural selection, or insects that are not pests may be harmed, reducing biodiversity [1]
disadvantage: reduced genetic variation if one variety is grown everywhere, so a new disease could destroy the whole crop; or the cost of buying new seed each year [1]