One of the biggest disadvantages with access list statements is the fact that the internal router's CPU must process each route update by comparting it against any ACL criteria. If the ACL criteria was lenghty or grew over time, then the CPU could be adversely affected.
Extended access list allow the use of wildcard bit masking to filter network prefixes and their associated masks to provide further filtering capabilities. They can also be used to filter addresses or prefixes based on the prefix length, but you must have a solid understandung of how to use wildcard masks to filter prefixes. Because of their complexity, IP prefix lists are easier to use when filtering prefix ranges.