Could someone please list the advantages and disadvantages of having a low or high action. Thanks in advance.
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High action is only really preferable if you're playing slide, and you have better sustain with higher action. Lower action makes playing a LOT easier, though. So find a happy medium.
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Quote by SGFREAK
just imagine playing slide on that wangcaster lol
I concur with the previous posts.
However, with a lot of guitars a low action will cause fret buzz. That's the case with my guitar, so the "happy medium" for me is between minimising fret buzz and being able to play quicker (see deliriumbassist's post).
High action is good for slower soloing. Eric Clapton, and Satch (I believe) use higher action for better clarity, and better sustain. If you're going to be going crazy fast, though (thrash metal/shredding) you'll want lower action.