What are the advantages and disadvantages of this draft spot?
The advantage of drafting first overall is selecting the best available player. That may sound obvious, but who that player is will depend on what kind of league you play in.
For example, a QB in a Superflex league will be the most important player. Therefore, you’ll want to draft the best available QB with the first overall pick. Josh Allen has finished as QB1 the past two seasons and is ranked as such this year. In this case, he would be the optimal pick at 1.01. In a league with standard rosters (1QB, 2RB, 2WR, 1TE, etc.), an RB is recommended at first overall.
The disadvantage of having the first pick is that your next pick won’t come until the end of the second round if you’re in a snake draft, which “wraps” the picks from one through 12, then the 12 spot picks twice then the draft wraps backward. If you play in a 12-team league, 22 players will be drafted between your first and second pick. However, you will be rewarded for your wait with two consecutive picks.