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I guess the main things are the relative lack of scalability that makes it challenging when your network undergoes significant growth. Also, many times I’ve seen the same machine being used as a network server and an individual workstation, which pretty much sucks for the person whose computer is both their PC and the network server.
This site offers a good summary of peer-to-peer advantages and disadvantages. The latter include:
* Potential slowdowns of computers used by multiple people
* No central back-up for files and folders
* Viruses can invade the network from multiple computers
* Security is lax to non-existent