A review can be found here: http://reviews.cnet.com/best-noise-cancelling-headphones/
Advantages:
- Allow the listener to hear whatever they might be listening to without interference.
- Allows for lower sound levels, reducing ear strain.
- Retains style of old headphones.
- Good for businessmen that constantly travel to listen in silence.
- Helps against loud engine noises as well.
Disadvantages:
- Drains batteries quickly.
- Very large price.
- Rather Bulky.
- Sometimes they emit their own noise.
- Sometimes the sound is distorted by the anti-background noise waves.