The geological time scale is not the type of thing that has advantages or disadvantages as such. It is rather a statement of our best understanding of the various periods and timeline of the earth's long history. It is subject to update and refinement as knowledge and new data dictate. A fun representation follows. read more
How important the geologic time scale is can be ascertained from how often it gets attacked by people who want to discredit branches of science. The Young Earth Creationists and those who want to deny evolution of species by natural selection focus their attacks on the geologic time scale. read more