Advantages
There are several good points to a IUD, to start with it always works without you having to do anything to use it or make it effective (outside of having it inserted the first time or taken out years later).
Naturally it does not get in the way of sex, but it also will over time cause lighter and shorter bleeding and reduce other menstrual issues if your use the Progesterone or 5 year IUD.
You can use the 10 year IUD if you cannot use estrogen (hormones) and this version is also 100% safe to use when breast feeding.
Last, you can end its effects when every you want, just go see your doctor and have it removed.
Disadvantages
This product may cause irregular bleeding or spotting, your period may also come at an odd time. Further, it can cause can increase menstrual flow and cramping, which may be particularly severe in the first few months after insertion (you have a foreign object inside you and the human body normally does not approve of such), some women can even push the IUD out involuntarily during the first year of its use.
Last it does not protect your from STDs/STIs, so this is best used by women in a permanent relationship.