mine is plumbed back through my decat and is as said legal but a decat on a 1996 car is not legal so it just depends on how much atention you want to draw to your car when boosting as i still get to hear the wastegate going off
A decat isn't illegal as long as the car passes the emmisions laws for that particular year. That said it is VERY hard for a car of newer years to pass an MOT.
I think the law is 1993.
I'm not sure if a screamer pipe is illegal or not, it would have to fall under some technicallity, but as far as i'm aware it there isn't really any actual laws on the area, so it would go to the actual officers discretion. (i.e. a section 171 for been overly loud)
It would be something thats very hard to test as the car needs to be on boost.
Anyway back to the topic
Advantages;
Better boost control,
Can clock the turbo etc easier,
Exhaust can be smaller.
Can increase efficiency
Disadvantages;
Costs more
If done incorrectly can cause problems
Can take up more room
Obvious noise and noise related problems.
I have made silenced screamer pipes in the past.