I built the Dragonfly, recently, and have had quite a learning experience. Here are what I think are its advantages:
- Higher thrust means more payload that can be carried. The additional 2 motors at the c/g increase your total thrust by 66%.
- Two motors on each side give you greater control authority in roll (pitch and yaw control authority are unchanged).
- Redundency: Lose 1 out of 3 motors on a tricopter or 1 out of 4 motors on a conventional multi-rotor, and you're going down -- fast. But you can lose one motor on a side and still retain enough control to bring it down relatively safely (I can attest to this from direct experience). Of course, if you lose the tail rotor, there's nothing you can do.
- Flexibility: If you get tired of a tilt-rotor, take it off, and reconfigure the copter as a quad.
- Speed: I wouldn't know -- I'm not adventurous enough, yet, to try for any speed records... I'm still learning to fly it.
- Cool factor: Yeah, this was a big thing for me -- the Dragonfly just look cooler than the others. And the partially overlapping props make for a unique sound.
Disadvantages:
Cost: Of course, you have an additional 2 motors/ESCs to purchase. The rest of the structure is negligible in cost.
Weight/Power: Not sure if the extra motor weight and power requirements offset the gains in thrust. I'm sure one of the more experienced guys here can chime in on that.
Good luck and let us know which way you go!