Porting is remove material to increase effecience(sp) such as port matching the intake/exhaust ports to the manifold runners, reshaping the combustion chambers, etc..Polishing is the smoothing of the interior surfaces to promote better flow.
The only disadvantages are over porting which can bog, or even totally kill a head, or poorly planned porting that doesn't yeild the expected results, most often found in jobs done by overzelous, inexperianced people.