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of, pertaining to, or determined by regression analysis: regression curve; regression equation. dictionary.com
+ Linear regression is a simple statistical process and so is easy to carry out. + Some non-linear relationships can be converted to linear relationships using simple transformations. - The error structure may not be suitable for regression (independent, identically distributed). - The regression model used may not be appropriate or an important variable may have been omitted. - The residual error may be too large.
It all depends on what data set you're working with. There a quite a number of different regression analysis models that range the gambit of all functions you can think of. Obviously some are more useful than others. Logistic regression is extremely useful for population modelling because population growth follows a logistic curve. The final goal for any regression analysis is to have a mathematical function that most closely fits your data, so advantages and disadvantages depend entirely upon that.
the prefix of regression is regress
setback or regression