Advantages to using a fake can besides changing the barrel harmonics which may or may not benefit accuracy with your particular barrel...
An incredibly minute amount of added freebore boost.
Extra weight to stabilize the barrel when shooting free hand as it makes it more resistant to "wobble" (or whatever you want to call it).
Extra heat capacity. The metal will absorb some of the heat transfered to it from the barrel allowing more shots before heat makes your barrel sag, however, the extra weight on the end may cancel that out.
Bad:
Looks cool until you are caught, then you are scummed out for being a poser. Makes for nice pictures though.
Makes your barrel more unwieldy - lengthens your barrel without adding velocity like the old Bushy 11.5" MG barrel with 5" flash suppressor, you still get only the velocity of an 11.5" barrel.
Makes your rifle heavier.
Granted, it's necessary if you want the look when you can't have the real thing for one reason or another. But they remind me of those fake cell phones. When caught your credibility takes a major hit, but if you are that kind of guy, that probably won't make much difference.