I don't get bogged down too much in the chemistry of the stuff, I just use it in the workshop (and peddle it on our FB page!) The boiling point of water is very close to the operating temp of most engines - it's wrong, when you think about it.
The stuff is witchcraft, that's all I can say.
This is my daily Saxo, straight after the Evans was fitted (132bhp, before anyone asks):
http://youtu.be/z9MW9FxamUE
As I see it, the drawbacks are:
1 - Less efficient as a thermal conductor than water, so the car runs a little hotter (though there are counterpoints to this)
2 - More expensive per L than standard anti-freeze (though again, there are valid counter-arguements)
3 - Tearjerker if you lose it as Mulley points out (though guess what, there's a counterpoint again!)
4 - I've struggled to find any more, in the real everyday Joe Bloggs world.
Benefits:
1 - Less efficient as thermal conductor than water, which means the car reaches N.O.T. faster, which helps reduce engine wear as the oil will also heat faster. It's also not an issue that it'll run slightly hotter, as it's perfectly happy doing this (some Land Rovers in the off-road racing world run at 120degrees during competition, with no issue).
2 - More expensive per L than anti-freeze, until you consider that it's lifetime coolant. You never need to buy any more (unless you contaminate or lose it) and you can even drain it from one car and use it in another, provided you prep the car correctly.
3 - Less likely to lose it in the first place, as it doesn't pressurise at N.O.T., meaning none of our rare, old, hard to find rubber coolant hoses are swelling up. That also means you can remove the rad cap at 100degrees, no bother, which is safer if nothing else.
4 - No water, so no corrosion. It won't magically remove corrosion, but it does kill it at source.
5 - Non-toxic, so we're thinking of the children.
6 - No steam pockets building around cylinder liners, things like that. Keeps the temperature more even across the metallic surfaces.
7 - If you do end up with a pressurised system, it's an indication that you have a blown head gasket or something, meaning you know your car has an issue much sooner than normal.
8 - There are more, but I don't want to sound like an advert on here. My company now stocks the stuff, but loads of companies much closer to the vast majority of you do too. That said, if anyone wants some I'll see if I can beat some of the eBay prices.
Basically, if the estate had been running it, my weekend at the NEC would have been very different

Kill Jester.