Merits:

The circuit has the trend to stabilize operating point against changes in temperature and β-value.

Demerits:

In this type of circuit, to keep I_C independent of β the following condition has to be met:

I_c = βI_B = β (V_cc - V_be)/ R_B (β+1) R_E ≈ (V_cc - V_be) / R_E

That is approximately the case if

(β + 1) R_E >> R_B

As β-value is set for a given transistor, this relation can be satisfied either through keeping R_E very large or by making R_B very low.

High V_CC is essential if R_E is of large value. This increases cost also precautions are essential while handling.

A separate low voltage supply should be employed in the base circuit if R_B is low. By using two supplies of different voltages is not practical.