One advantage of ethical relativism is that it allows for a wide variety of cultures and practices. It also allows people to adapt ethically as the culture, knowledge, and technology change in society. This is a good and valid form of relativism.
The disadvantage of ethical relativism is that truth, right and wrong, and justice are all relative. Just because a group of people think that something is right does not make it so. Slavery is a good example of this. Two hundred years ago in America, slavery was the norm and morally acceptable. Now it is not.
Relativism also does not allow for the existence of an absolute set of ethics. Logically, if there are no absolute ethics, then there can be no Divine Absolute Ethics Giver. Requiring an absolute set of ethics implies an Absolute Ethics Giver, which can easily be extrapolated as being God. This would be opposed to ethical relativism. Therefore, ethical relativism would not support the idea of an absolute God, and it would exclude religious systems based upon absolute morals; that is, it would be absolute in its condemnation of absolute ethics. In this, relativism would be inconsistent, since it would deny beliefs of absolute values.
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