Via "Me and others" who has some choice words about "alaturka" and "alafranga" toilets... as do I.
The good: Squatting makes elimination faster, easier and more complete.
The bad: Potential for splattering of urine or feces on the legs, feet, clothes, and mouth. This is a particular problem when one has explosive diarrhea. (is there any other kind?)
Here's the complete 411.