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The primary disadvantage to using a VPS is its lack of performance. The organization that provides the VPS will typically throttle the server's performance in an effort to maximize the number of VPSs that the physical server is able to accommodate. In the unlikely event that the VPS's performance is not throttled, it then becomes possible for an adjacent VPS to consume excessive resources, to the point of impacting the VPS's performance.
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A VPS runs its own copy of an operating system (OS), and customers may have superuser-level access to that operating system instance, so they can install almost any software that runs on that OS. For many purposes they are functionally equivalent to a dedicated physical server, and being software-defined, are able to be much more easily created and configured. They are priced much lower than an equivalent physical server. However, as they share the underlying physical hardware with other VPSes, performance may be lower, depending on the workload of any other executing virtual machines.