CO2 at 4500 or 7000 psi is under enough pressure to undergo a phase change from a gas to a liquid. Compressing air or oxygen takes far far more to turn liquid. There is CO2 in the air but not enought to change the partial pressure and liquify. Air is made of mostly Nitrogen and Oxygen with a few others mixed in there.
So to the advantage/disadvantage part...... CO2 has to make that phase change back to a gas from liquid before it's any good to you. This means that the tank gets COLD if you empty it quickly you can freeze the tank or freeze the lines if you do it improporly. CO2 is less efficient than compressed air or nitrogen.
Compressed air at 4500 or 7000 psi still stay a gas and is johnny on the spot when you need to use it. Thus paintballers ( like myself) use it to run through their guns cause of less moisture in their equipment dues to the condensation, more reliable, more consistant, and doesn't have that CO2 smell ( which I happen to like).
In all, using my not so vast bank of knowledge ( just kidding I stand behind everything I just said) I would absolutely 100% recommend to anyone and choose myself, the air/nitrogen route. More PSI's than CO2 and all around better.
Hope this makes your decision cut and dry.
--Alex