In summary, advantages are easy loop compensation, some help with Right-Half-Plane problems (it does not eliminate them), ability to work with both CCM and DCM with good performance, and good line rejection.
Disadvantages are you have to sense current accurately, there is a subharmonic oscillation instability when you approach a 50% duty ratio, and poor signal to noise ratio on the current sense.
Most experienced designers agree that the most important thing to do in current-mode control design is to keep noise off the compensation ramp.
Three advantages of using current mode control which are:
1. Immune to input disturbance
It makes the supply look like a current source to the input therefore voltage changes at the input do not get through to the output.
2. Parallel current sharing
It is easier to parallel current sources into an output capacitor than parallel voltage sources.
3. Current protection
It is often implemented by cycle-by-cycle current limit protection of the power switch, making it immune to over-current damage from short circuited outputs or overloads.