Formal:
* Advantages and disadvantages
* Benefits and drawbacks
* Merits and demerits
* Strengths and weaknesses
* Upsides and downsides
* Positives and negatives
Informal:
* Good points and bad points
* Pluses and minuses
* The good and the bad
* The upside and the downside
The best alternative will depend on the context and your desired tone.