The advantage of a fixed front sight is that it is more durable, and requires no extra action or breaking of position to put it into use if it becomes necessary to use irons. As for disadvantages of the fixed sight, there really aren't any with a red dot setup. It doesn't get in the way of your sight picture at all, in my experience.
As for the advantages of a flip-up front, they mainly only apply with a low-powered magnified optic or a very long optic that sticks out over the front sight base. Also some feel that they look cooler.