The SVG format became more and more used in the last years, and showed its effectiveness compared to the other images formats. The SVG files are smaller than the others, and the shapes do not change when being scaled up or down.
A lot of web browsers are now working with the SVG format, which again shows its versatility.
The only disadvantage we may find while using it is that there are no proper units in the final file. For example, if you want to laser cut an SVG file, it may be hard for us to determine precisely the dimensions of your object.