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I thought it would be good to catalog those bad aspects as well as the good in one thread. Here's what I've seen.
THE BAD SIDE
Frames:
1. Challenge some users who just don't understand them
2. Eliminate any "you are here" change for links to the page currently displayed
3. Rule out normal bookmarking of inner pages
4. Require heavier maintenance to keep the site search engine friendly
5. Distort page-view stats from the server logs
THE GOOD SIDE
Frames:
1. Keep navigation on screen, even for long content pages
2. Help content pages to be light weight, saving bandwidth and generating higher kw density
3. Allow easy sharing of content between sites
4. Facilitate content management for non-savvy authors
Any more?
Good Side
Allows static elements to not be reloaded and saving bandwidth and load time.
Prevents careless errors from multiple creations of a static element.
A lot of new technologies like server-side includes, inline frames, and DHTML have compensated for frame's "good sides" without as many "bad sides". I think that frames where an old implementation of a need that new technologies now fulfill. They have become a relic of the past like font tags and other style elements that are now being phased out by CSS.