Have you used Critical Chain scheduling and if so, what do you see as the main advantages and disadvantages?

YES. I HAD

and i do agree with the total points which given by Mr:Abdul Hameed

in his excellent answer

Critical Chain Scheduling, I my self didnot use it.

But here is some reading about it:

According to the PMBOK the Critical Chain Method is a schedule network analysis technique that modifies the project schedule to account for limited resources. It mixes deterministic and probabilistic approaches to schedule network analysis. 

Some of its advantages are:

Planning and control processes.

Remove bottleneck to resolve constraints.

Eliminate waste.

Reduce Variations.

On the cons side, the construction of a latest start schedule has one major disadvantage which might endanger the project deadline. Since all activities are scheduled as-late-as-possible, none of the activities have a positive slack value and hence all activities are critical.