Below is a quote I pulled from another website regarding this topic. It speaks to all the advantages and disadvantages I learned about when I was researching it myself a couple years ago.
"What advantages do drilled and slotted rotors have? The most notable is they have an increased surface area to allow better cooling. Other advantages include lower rotational mass, better off-gassing properties, and increased wet performance. Do they run cooler? Yes! Based on the average of several controlled data samples these rotors run on average 82º cooler in the front and 27º cooler in the rear. The downside to drilled and slotted rotors, other than cost, is they are more prone to warp if not torqued correctly. They can also make a slight whirling noise during hard breaking."
I installed drilled and slotted rotors on all 4 wheels, but I have to admit, though, that I did not go with them for performance. I figure with the way that I will drive my car, I wouldn't experience any sort of difference between regular rotors and the drilled/slotted ones. I simply went with the drilled and slotted rotors for the looks.