1. reverse engineeing is same as comitting suicide.2. it is malpractice.3. it degrades original identity.4. at last i would say that it is simply disastorous.
Advantages- You get to make super cool stuff like rockets and heat seeking missles! Disadvantages- You may accidently mix chemicals that shouldn't be mixed and go BOOM. Dead. That's about it. ^_^
Yes, provided there are no restrictions associated with the product that you intend to reverse engineer. Such restrictions are typically found in license agreements that come with software products...