Not a huge fan of the Wildcat myself. I just don't think it works all that well if you have a guy back there that the defense knows is going to run the ball. It means they can stuff the box and try to stop the run. Sometimes it is pretty effective, but I think it is best if you can run it with a guy like Cobb who the defense knows can throw the ball. Without that it just makes more sense to run a read option with a QB that can actually throw.
One of the advantages is to add an extra blocker. In a normal running formation you would have 9 blockers vs. 11 defenders because the running back and the QB are not blocking. In the wildcat you often replace the QB with a blocker. However, in our wildcat we often motioned the QB outside. At that point I don't think he garners much attention and doesn't become an effective blocker, so you lose the advantage of 10 v. 11 and go back to basically 9 v. 11. The only way this might work, IMO, is if you catch the defense off guard and snap the ball quickly. That doesn't happen too often though.
The wildcat can and does work, but it should be used sparingly IMO.