Your system looks pretty good. Sorry, but I still don't see advantages/disadvantages.

I once was in this RPG Game that used a point buy system to determine a character's skills and we fought with foam swords.

Here is something you can add on:

Guilds: Put some guilds into your game. For each guild, make different ranks. Then, tack on some requirements for each rank (either quest based (ex: steal a valuable item for the guild) or skill based (10 ranks in profession(cooking)), make the requirements higher for each rank). Add an experience point cost to each rank, too. Finally, after each rank is attained, give players a unique ability(such as immunity to fear) or in-game benefit(easy travel), besides just being part of the guild. This system was in the RPG game I played.