Well for me it was mostly disadvantages.
DH is over a foot taller than me so if the pots hang at a height where I can reach them, he donks his head on them. My pots and pans are mostly Le Creuset so although they look beautiful they are also extremely heavy so I found it quite hard to get them down anyway. We ended up not using the pot-hangy thing in the previous house due to these issues.
The utensils hung behind the stove. I would have to wash them at least once a week even if they hadn't been used because they gathered grease and dust so quickly.
My spices were in an open rack down the far end of the bench - so about 2-2.5m from the stove. They still managed to gather grease and dust so I'd have to go through the whole rack all the time with a soapy cloth to polish them, otherwise it just looked like my kitchen was generally dirty.
In the right kitchen, the open look can be lovely, but it does require much more upkeep than I'm willing to do. If there's one place in my house I want looking sparkly clean, it's the kitchen.