It all boils down to what one wants to call the "front" and "side" views of an object. The only difference between them is how the views are laid out on the print. First angle is used mostly in Europe. I am used to the third angle projection myself. It doesn't really effect the outcome, just how it looks in presentation, so there are no real advantages or disadvantages to be had. The same part will have the same views, just laid out a bit differently. It doesn't take long before you don't even realize what projection one is looking at. You're just looking at a print.
Take a look here for a good example showing the same part in both projections:
Honestly, I have NEVER wondered about the 2nd angle...hmmm....maybe I should think of more questions like this myself.