You asked about disadvantages. A couple readily spring to mind. First is the stock attenuators sound pretty great, and you'll have to spend a lot to improve on them, especially if you want to go for a potentiometer. You also lose independent control over the channels, which is really helpful for trouble shooting (for example, if your system is making a weird noise, you can track down which channel it is and where in the chain much faster and easier with dual controls, since you can kill a channel at the preamp without unplugging anything).
When I first got my FPIII, I thought I was going to hate having dual volume controls and having them as switched attenuators rather than pots. After a little time with it in my system, I realized that was just fear of the unknown. I now consider the volume setup the nicest feature of the preamp