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Advantages:
Mainly lock time. A lighter hammer falls faster, and imparts more velocity to the firing pin. Thus, the delay from the moment the sear releases the hammer, to the time the priining pin detonates the primer, is less.
Theoretically, a lighter hammer produces less wear to the sear nose, but the wear rate is so slight on good parts that it can realistically be ignored.
Disadvantages:
Theoretically weaker. However, hammers are quite robust, and the only real risk is if you drop the cocked pisotl on the hammer. In which case you'll probably have a lot more repairs to do than just a busted hammer.
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