Complete control of the work.
100% of profit goes to the author.
Quicker turn around, faster manuscript to printed page.
Can be costly to do yourself.
Author is expected to be and do everything from promotion to sales
Smaller Voice, what I mean by that is that large publishers and some small ones, have a wide distribution whereas the author themselves may not.
If book does not do well, author eats the loss.
Less cost to the author
Author does not have to do everything themsleves, although most do promote themselves as it is expected these days.
Larger distribution network
If the book tanks, the author does not lose monetarily.
Has less control over one's creative works
Have to share profit with publisher and in many cases, with an agent
Takes longer to get book from contract signing to printed page.
These examples are not the beat all to end all and are in no way exhaustive. I would like you to share your knowledge with us or if you can expand on the examples above, I invite you to do so.
Share with us your wisdom of experience or from other's experience and as always KEEP WRITING!