If it's a non sheltered account, the dividend is considered to be income and is taxable whether you reinvest it or not. If you reinvest, capital gains on those newly purchased shares are not taxed until sold.
I don't think that there are any significant advantages and disadvantages of doing DRIP vs. collecting cash dividend in a taxable account other than the last one.
1) You'll save some commissions of your broker reinvests at no charge. Most DRIP plans charge none.
2) If you don't reinvest, you'll build cash toward another purchase. It's a choice rather than an adv or disadv.
3) Here's a sneaky one from the gubbermint. If you close a long equity position at a loss, it will be considered a wash sale violation if you buy any shares in the 60 day window around the sale date (30 days before and 30 days after). A DRIP purchase can unexpectedly trigger a wash sale violation, no matter how small it is, if it occurs in that 60 day window. So if you intend to claim that loss for the current tax year, make sure that you shut down the reinvestment whether it's in your brokerage account or in a company DRIP plan.