Advantages:
- Easier to cool, almost always without a fan.
- Less electromagnetic interference within a box.
- Flexibility, e.g., a cheap Outlaw monoblock to take care of the movies' center channel, a Halo A21 to give critical music listening the best SQ potential, and one or two Parasound 2125 for the rear (or defer this part altogether if you are still using a 7 channel receiver).
- The option to place the amp closer to the speaker(s), resulting in shorter cable runs but longer interconnects.
- More future upgrade options, say you want to get really serious about your front speakers (like getting a pair of the big B&W 800 series), you only have to upgrade your stereo amp.
Main disadvantages:
- Need more room, mess up the look with gear everywhere, unless they are nice looking gear such as McIntosh, Classe, Halo types.
- Typically cost more.
- Seth will come up with something.

A 5 channel amp is not bad in that you can always add a better 2 channel amp for the front speakers whenever the need arises. It is the 7 channel amp that I have a little difficulty with.