Advantages
- Large and growing ecosystem of plugins, documentation, community discussion
- Better performance than VimScript
- Lua is a versatile language and it is quite easy, just not as "human readable" as VimScript
- You have this holy grail
Disadvantages
- Time & effort to make the switch
- Time & effort browsing and installing for new development and plugin
- Potentially developing an obsession with plugins
- Time & effort developing plugins yourself
- You will never get these lost hours back
In all seriousness, I recommend checking out preconfigured "distros" like LunarVim or NvChad. Here's my dotfiles.