Advantages
Disadvantages
In short, they are a very clean and easy to work with a 8-bit microcontroller.
An 8051 is legacy: the tools are passable, the architecture is bizarre (idata? xdata? non-reentrant functions in most compilers by default?).
PIC before PIC24 is also bizarre (register banking) and poor clock->instruction throughput. There is no first-class open source C compiler either.
PIC32 is competing with ARM7TDMI and ARM Cortex-M3, based on an adapted MIPS core, and has a GCC port (not main-lined).
AVR32 is competing with Cortex-M3, and offers a pretty good value, especially in the low power area.
MSP430 is the king for ultra low-power devices, and has a passable GCC port (if you're not targeting 430X).
HCS08 is very inexpensive, but poor instruction throughput. Peripherals vary quite a bit.
ARM used to be a higher cost entry point, but with the introduction of the Cortex-M3 architecture, the price has been dropping compared to an 8-bit. For example, the LPC13xx series is comparable to a ATmega32 in many ways. Luminary (TI) has quite an impressive peripheral set.