Well you didn't tell me how wide this tank is, or which cichlids you want to work with, these would be things to consider, but not usually when you are talking about tanks over 100 gallons. It may have a smaller "foot print" then most 100+ gal tanks, but volume has to be a big consideration also. There are really no disadvantages in my mind, you have to pick your fish in this type of a tank just like any other tank. If you want it to be peaceful and have fish that get along well, then you pick fish that do not occupy the same area of the tank. In other words, you don't pick 4 species that all hang out in the upper portion of the tank, that is when you run into problems. So you want a fish on the bottom, in the middle and in the upper water column, and then your tank looks complete.
The advantages of a tall tank are many! First and foremost, is they are beautiful, it is amazing how much better your tank looks when it is 6" taller. These are true show tanks! If you pick a filter that will turn your water over 6 - 8 times an hour, you should have plenty of flow. Use a filter that you are most comfortable with, you are the one that is going to have to clean it. You can add air stones if you want, or even a power jet, for additional circulation. It will depend on what you decide to work with.
You have many many options with a tank this size.