What are the advantages of storing, sharing, and tagging web content this way? What are the disadvantages?

The main advantage of Delicious is that sites can be saved and accessed from any computer with an internet connection , moreover its free and its a useful site which helps organizing, classifying and sharing sites.
As far as the disadvantages are concerned , I didn't find it user friendly. For a first time user like me, navigating through it was difficult. There was too much information on one page and the tags can be misleading if not worded correctly.

What do you hope to learn from CPL 2.0 ?

Hmmmm................................... thats a good question we have to answer !!!

Well , I want to learn how to blog, use facebook , become tech-savvy and web smart. I have visited facebook a couple of times and have read a few blogs but never really tried blogging or having a facebook account .

This is great !!! I am enjoying it .