Disadvantage of DTV Converter: You will lose the ability to watch one program and record another with the DTV converter. Sorry for the bad news.
The reason is the tuner. The VCR tuner is useless with digital except for recognizing channel 3. The digital converter is a single tuner item so it only receives one station at a time.
Advantage of Digital Television, DTV Converters and Antennas: A single broadcast station can send out multiple signals within their digital band. This is called a sub-channel. You will likely gain recording access to these sub-channels when using the DTV converter box with an antenna.