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wifi on or off

There will certainly be additional battery drain as the wi-fi scans for access points, though how significant this is depends on many usage factors. I used to leave it on all the time on my Nexus 4 but found I got far better battery life by turning it off when no wi-fi was in range; in the city it's less of an issue.

No other disadvantages as far as I know.
 
One potential downside is that you might connect to access points that you wouldn't necessarily wish to connect to.

Around here Xfinity has been busy setting up a bunch of free access points...but you need to be a customer to actually utilize them, so my phone thinks it's connected when in actuality I've effectively lost connection.
 
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