For a thermodynamic cycle, the higher the temperature, the greater the thermal efficiency (think Carnot efficiency), and the higher the pressure for a given condenser pressure, the more work one can extract from the turbine set.
In a large power plant, steam is passed to a high pressure (HP) turbine, then an intermediate pressure (IP) turbine and finally a low pressure (LP) turbine set. In between turbine stages are moisture separators and reheaters. For instance, the condensation from the HP stage can go to reheat the steam out of the IP stage before it goes to the LP stage. In addition, other condensation is mixed directly or indirectly with the recirculating condensate from the condenser to increase the temperature of the feedwater to the boiler, thus reducing the heat input to raise the water back to maximum temperature.
That's the positive side. The downside to higher temperature is the corrosion of the metals in the hotter regions. As water temperature increases, so does it corrosion (chemical) potential, and so does the corrosion potential for any metal. Oxidation kinetics increases with temperature, and the morphology of the oxide is different (less adherent), because among other effects, differential thermal expansion of metal components and their oxide (corrosion) leads to stress in the metal/oxide interface. If the oxide sloughs off, then erosion can be a problem. Erosion is also a problem at higher fluid velocities.
Higher pressures mean thicker walled piping and pressure vessels in order to maintain a given level of stress. The cost goes up, not only for more material but more fabrication (e.g. welding). Thicker wall mean greater inspection effort, and likely more surveillance during operation.