What are the advantages and disadvantages of viewstate?

The primary advantages of the ViewState feature in ASP.NET are:
1. Simplicity. There is no need to write possibly complex code to store form data between page submissions.
2. Flexibility. It is possible to enable, configure, and disable ViewState on a control-by-control basis, choosing to persist the values of some fields but not others.
There are, however a few disadvantages that are worth pointing out:
1. Does not track across pages. ViewState information does not automatically transfer from page to page. With the session
approach, values can be stored in the session and accessed from other pages. This is not possible with ViewState, so storing
data into the session must be done explicitly.
2. ViewState is not suitable for transferring data for back-end systems. That is, data still has to be transferred to the back
end using some form of data object.

What does the "EnableViewState" property do? Why would I want it on or off?

Enable ViewState turns on the automatic state management feature that enables server controls to re-populate their values on a round trip without requiring you to write any code. This feature is not free however, since the state of a control is passed to and from the server in a hidden form field. You should be aware of when ViewState is helping you and when it is not. For example, if you are binding a control to data on every round trip, then you do not need the control to maintain it's view state, since you will wipe out any re-populated data in any case. ViewState is enabled for all server controls by default. To disable it, set the EnableViewState property of the control to false.