* Larger negative means less magnification needed for larger prints.
* Less visible grain.
* Interesting choice of image formats (6x4.5, 6x6, 6x7, 6x9, 6x12, 6x17, 4x5, 5x7, etc)
* LOTS of perspective control via camera movments
* Contact prints are large enough to hang if you shoot 5x7 and up
* Equipment is heavier in most cases
* Max 16 shots per roll of film
* Lenses are slower and there are less options for available light shooting
For mainly LF
* Enlarging 5x7 and over is an expensive proposition
* Film cost is much more
* Messing with film holders means that you work at a much slower pace for the most part.
* Finding decent daylight developing solutions for 4x5 and up that don't require huge sums of money take a certain knowledge of rocket science and perhaps wizardry (kind kidding here...and kind of not)
I'm sure others will think of things, but this sums up for me. I chose to make the disadvantages into advantages for the most part.