Advantages: Stops your bike. Easy to setup. Disadvantages: Takes a while to bed in. Supplied pads rubbish.
...but you'd be wrong, as Shimano will be eager to prove.
Shimano have been doing V-brakes for quite a while now, and the LX really demonstrates that. Whilst I was sorely tempted by a disc brake, I can't really see what all the fuss is about. Yes, if you're into hurtling down hills on your 55lb monster downhill bike then discs are for you, if you're a cross country rider trying to shave a bit off the weight then vees are still you best bet.
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